A municipal bond rating commences with a letter of engagement written by the client and delivered to the Rating Agency. The letter of engagement defines the rights & responsibilities of the parties to the engagement. For a municipal bond rating, we usually gather information in the following principal areas: the issue, the issuer, the project being financed, the key advisers to the issue, third parties that represent primary or secondary sources of repayment etc.

The information obtained is thereafter reviewed thoroughly for reasonableness & completeness. This information is further corroborated when we meet with the key officers of the issuer.

A draft rating report is subsequently despatched to the issuer who is expected to

- Correct factual errors
- Identify & remove any information the client considers confidential
- Identify any comments the client disagrees with and reasons for the disagreement

When these issues and any other matter(s) that may crop up in the course of the rating have been resolved, a final rating report is despatched to the client

Municipal Report:

Lagos Bond Summary

2009 Kwara State Government Bond Rating Report

:: Rating Definition :: Tenure of Ratings ::