Fitch cuts Lagos view to negative

Fitch Ratings said it revised Lagos State's outlook to negative from stable. It also affirmed its long-term foreign- and local-currency ratings at BB-, short-term foreign-currency rating at B and national rating at AA (nga).

The outlook is stable.

The action follows the revision of Nigeria's outlook to negative from stable, which reflected the weakening of the institutional framework of fiscal management of oil revenue by continuing withdrawals from an excess crude account, Fitch said.

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