Rating Release

Agusto & Co. hereby affirms the “Aaa” rating assigned to LFZC Funding SPV Plc’s (“LFZ Funding SPV”, “the Issuer”, or “the Company”) ₦10.5 Billion 20-Year 13.25% Senior Guaranteed Fixed Rate Infrastructure Bond Due 2041 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme, with a stable outlook. 

The rating expires on 16 September 2027. 

Agusto Agusto & Co. hereby affirms the “Aaa” rating assigned to LFZC Funding SPV Plc’s (“LFZ Funding SPV”, “the Issuer”, or “the Company”) ₦10.5 Billion 20-Year 13.25% Senior Guaranteed Fixed Rate Infrastructure Bond Due 2041 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme. The rating affirmation is driven by the sustained fulfilment of debt obligations and the subsisting irrevocable and unconditional guarantee structure provided by Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “the Guarantor”), which effectively lowers default risk for investors.

LFZC Funding SPV Plc is a special purpose vehicle established by Lagos Free Zone Company (“the Sponsor” or “the Co-Obligor”) for the sole aim of raising debt capital to support infrastructure development at the Lagos Free Zone (“the Zone”). The Sponsor’s ultimate parent, Tolaram Pte Limited, is a multinational conglomerate with operations across Europe, Asia and Africa.