GCR Ratings (“GCR”) has placed Ogun State Government’s long-term and short-term national scale Issuer ratings of BBB+_(NG) and A2_(NG) respectively on ‘Review Extension’.

The ratings process is ongoing and GCR expects to publicly release the updated ratings result on or before 31 October 2022. The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

Ratings History

Ogun State Government

Salient Points of Accorded Rating

GCR affirms that a.) no part of the ratings process was influenced by any other business activities of the credit rating agency; b.) the ratings were based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such ratings were an independent evaluation of the risks and merits of the rated entity, security or financial instrument.