Banks

COMPANY RATING EXPIRY COUNTRY
FBN Merchant Bank Ltd Under Review Jun 30, 2017 Nigeria
First Bank of Nigeria Limited Under Review Jun 30, 2017 Nigeria
FSDH Funding SPV Plc (N15 billion 5 year fixed rate senior unsecured bond) Under Review Jun 30, 2017 Nigeria
United Bank for Africa Plc Under Review Jun 30, 2017 Nigeria
United Bank for Africa Plc’s N35 billion 7 year 14% fixed rate subordinated and unsecured bond A+ Sep 30, 2017 Nigeria
Access Bank Plc Aa- Jun 30, 2018 Nigeria
Coronation Merchant Bank Ltd A+ Jun 30, 2018 Nigeria
FSDH Merchant Bank Limited A- Jun 30, 2018 Nigeria
Infrastructure Credit Guarantee Company Limited Aaa Jun 30, 2018 Nigeria
Rand Merchant Bank Nigeria Ltd A Jun 30, 2018 Nigeria

Corporates

COMPANY RATING EXPIRY COUNTRY
NAHCO Plc Under Review Jun 30, 2017 Nigeria
UPDC Plc Under Review Jun 30, 2017 Nigeria
Nigerian Breweries Plc Aa Jun 30, 2018 Nigeria
UAC Plc A- Jun 30, 2018 Nigeria
NAHCO’s N2.05 Billion Bond A Dec 14, 2020 Nigeria

Finance & Leasing

COMPANY RATING EXPIRY COUNTRY
Platinum Credit Limited Under Review Jun 30, 2016 Kenya
C&I Leasing Plc Bbb- Jun 30, 2017 Nigeria
Credit Direct Limited Bbb Jun 30, 2017 Nigeria
C & I Leasing Plc’s N600 million Senior Unsecured Bond Bbb- Jul 31, 2017 Nigeria
C & I Leasing Plc’s N940 million Senior Unsecured Bond Bbb- Jul 31, 2017 Nigeria

Funds and Investment Managers

COMPANY RATING EXPIRY COUNTRY
CBO Investment Management Limited Under Review Nov 30, 2015 Nigeria
Chapel Hill Denham Management Limited A(IM) Aug 31, 2017 Nigeria
First Ally Asset Management Limited BBB+(IM) Aug 31, 2017 Nigeria
Stanbic IBTC Money Market Fund Aa(f) Aug 31, 2017 Nigeria
ValuAlliance Asset Management Limited A (IM) Aug 31, 2017 Nigeria
FBN Money Market Fund Aa-(f) Sep 30, 2017 Nigeria
Legacy Short Maturity (NGN) Fund Bbb+(f) Oct 31, 2017 Nigeria
First Trustees/ARM Money Market Aa(f) Nov 30, 2017 Nigeria
ARM Investment Managers Limited AA-(IM) Dec 31, 2017 Nigeria
ARM Capital Partners Limited A(IM) Mar 31, 2018 Nigeria
CrusaderSterling Pensions Limited A(PFM) Apr 7, 2018 Nigeria
GDL Asset Management BBB(IM) Apr 30, 2018 Nigeria
Meristem Money Market Fund A+(f) May 31, 2018 Nigeria
Kedari Investment Fund Bbb+(f) Jun 30, 2018 Nigeria

Insurance Companies

COMPANY RATING EXPIRY COUNTRY
Mansard Insurance Plc Under Review Jun 30, 2015 Nigeria
Linkage Assurance Plc Under Review Aug 31, 2015 Nigeria
Anchor Insurance Company Limited Bbb- Jun 30, 2017 Nigeria
FBN Insurance A+ Jun 30, 2017 Nigeria

Mortgage Institutions

COMPANY RATING EXPIRY COUNTRY
Jubilee Life Mortgage Bank Limited - Servicer SR3 Oct 31, 2017 Nigeria

Municipal

COMPANY RATING EXPIRY COUNTRY
Bayelsa State's 13.75% N50 Billion Bond Bbb+ Sep 30, 2017 Nigeria
Lagos State Government A+ Sep 30, 2017 Nigeria
Edo State's 14% N25 Billion Bond A- Dec 31, 2017 Nigeria
Ekiti State's 14.5% N20 Billion Bond Awaiting Review Sep 30, 2018 Nigeria
Niger State's 14% N12 Billion Bond A- Sep 30, 2018 Nigeria
Niger State's 14% N9 Billion Bond A- Sep 30, 2018 Nigeria
Delta State's 14% N50 Billion Bond A Dec 31, 2018 Nigeria
Ondo State's 15.5% N27 Billion Bond A- Feb 28, 2019 Nigeria
Gombe State's 15.5% N20 Billion Bond Bbb+ Jul 31, 2019 Nigeria
Lagos State's 14.5% N80 Billion Bond Aa- Nov 30, 2019 Nigeria
Osun State's 14.75% N30 Billion Bond Bbb- Dec 12, 2019 Nigeria
Osun Sukuk Company Plc’s 14.75% N11.4 Billion Sukuk Al Ijarah Bbb- Oct 10, 2020 Nigeria
Lagos State's 13.5% N87.5 Billion Bond Aa- Nov 30, 2020 Nigeria
Kogi State’s 15% N5 billion Bond Bbb+ Dec 31, 2020 Nigeria
Bauchi State's 15.5% N15 Billion Bond Bbb+ Dec 9, 2021 Nigeria
Oyo State’s 16.5% N4.80 Billion Bond A- Feb 16, 2022 Nigeria
Gombe State's 16% N5 Billion Bond Bbb+ Feb 19, 2022 Nigeria
Benue State’s 16.5% N4.95 billion Bond Bbb+ Feb 27, 2022 Nigeria
Plateau State’s 17.5% N28.2 billion Bond Bbb Mar 30, 2022 Nigeria
Kogi State's 17% N3 Billion Bond Bbb+ Mar 31, 2022 Nigeria
Zamfara State’s 17% N7.00 Billion Bond Bbb Apr 30, 2022 Nigeria
Ekiti State’s 14.5% N5 Billion Bond Awaiting Review Dec 31, 2022 Nigeria
Lagos State's 16.5% N47 Billion Bond Aa- Dec 31, 2023 Nigeria

Sovereigns & Supranationals

COMPANY RATING EXPIRY COUNTRY
Africa Finance Corporation Aaa (NGA), Aa- (USD) Jun 30, 2017 Nigeria
Federal Republic of Nigeria Under Review Jun 30, 2017 Nigeria
Bank of Industry Limited Aa- Sep 30, 2017 Nigeria
Nigeria
UBA House (5th Floor), 57 Marina,
Lagos-Island, Lagos.
Nigeria.
P.O. Box 56136,
Falomo, Ikoyi, Lagos.
Tel: + 234 (1) 271 3808, 270 7222 - 3
Kenya
7th Floor Eden Square,
Block 1, Chiromo Road,
Westlands.
P.O. Box 856-00606, Nairobi
Tel: + 254 20 3673 763
Mob: + 254 703 041 763
Rwanda
Kigali City Tower (14th Floor),
Avenue du Commerce,
Kigali, Rwanda.
Tel: + 250 788 180 125
Fax: +250 788 180101
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