Rating Release

Agusto & Co. upgrades Impact Credit Guarantee Limited’s (“ICGL” or “the Company”) ratings to “Aa” (long term) and “A1+” (short term) , with a stable outlook 

The rating expires on 30 June 2026. 

Agusto & Co. hereby upgrades Impact Credit Guarantee Limited’s (“ICGL” or “the Company”) ratings to “Aa” (long term) and “A1+” (short term) on the back of the strong support provided by the sole shareholder, Development Bank of Nigeria Plc (rated “Aaa” by Agusto & Co.), as evidenced in the ₦20.5 billion additional capital and the ₦24.1 billion borrowings facilitated during the year under review. ICGL’s ratings also reflect good capitalisation and the strong pool of liquid assets that supports the ability to meet obligations from called guarantees promptly. The good profitability that continues to uphold the capital base, and endeared shareholders’ support, is also a positive rating factor. However, the ratings are constrained by portfolio concentration and macroeconomic headwinds, as the target customers (MSMEs) are most vulnerable to an economic downturn. We have also assigned a ‘2’ ESG score, which denotes that environmental, social and governance issues have minimal impact on the Company’s credit risk.