Rating Release
Agusto & Co. affirms the “Aaa’’ rating assigned to GPC-SPV Company PLC, with a stable outlook
The rating expires on 23 November 2025.
Agusto & Co. hereby affirms the “Aaa” rating assigned to GPC-SPV Company PLC’s (“the Issuer”) ₦20 Billion Ten-Year 13% Series 1 Senior Guaranteed Fixed Rate Bond Due 2031 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme. The rating is hinged on the strength of the unconditional and irrevocable credit guarantee provided by the Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “the Guarantor”) for the prompt repayment of all principal and coupon due to the Series 1 Bondholders. The guarantee allows InfraCredit to step in and fund the Payment Account before any scheduled Payment Date if the Sponsor fails to do so. In August 2024, Agusto & Co. affirmed the “Aaa” rating assigned to InfraCredit, underscoring its good profitability, acceptable risk management framework, robust liquidity profile, stable management team, and strong support from its shareholders and long-term debt sponsors. InfraCredit’s equity holders and long-term debt sponsors provide a robust corporate governance framework and technical support that continue to strengthen the Guarantor’s ability to support infrastructure projects, which we view positively.
GPC-SPV Company PLC issued a ₦20 billion Series 1 Bond on 23 November 2021. The net proceeds from the Issue were passed through to GPC Energy & Logistics Limited (“GPC” “the Company” or “the Sponsor”) to acquire 265 trucks and refinance its loan obligations. The Series 1 Bond was fully guaranteed by InfraCredit based on the Deed of Guarantee with the Bond Trustee. The Bond constitutes senior, direct and guaranteed obligations of the Issuer and shall at all times rank pari passu with any existing debt of the Sponsor.
