Agusto & Co. affirms the ‘Bbb+’ (long term) and ‘A2’ (short term) ratings assigned to Rex Insurance Limited, with a stable outlook 

Rating Category: Microfinance Banks

Rating Release

Agusto & Co. affirms the ‘Bbb+’ (long term) and ‘A2’ (short term) ratings assigned to Rex Insurance Limited, with a stable outlook 

The rating expires on 30 June 2027.

Agusto & Co. affirms the ‘Bbb+’ (long term) and ‘A2’ (short term) ratings assigned to Rex Insurance Limited (‘Rex Insurance’ or ‘the Insurer’ or ‘the Company’), reflecting strong capitalisation, good liquidity profile, and improved diversification of the Company’s underwriting portfolio. However, the ratings are constrained by the subpar investment returns and the low uptake of insurance in Nigeria.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.
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Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Fewchore Finance Company Limited Bbb/A2 Jun 30 , 2027 Stable Nigeria
Sage Grey Finance Limited Bbb/A2 Jun 30 , 2027 Stable Nigeria
LECON Finance Company Limited Aa-/A1+ Jun 30 , 2027 Stable Nigeria
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Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
ARCO Worldwide Services Limited A/A1 Jun 30 , 2027 Stable Nigeria
Sunbeth Global Concepts Limited Bbb Jun 30 , 2027 Stable Nigeria
Saro Lifecare Limited A-/A1 Jun 30 , 2027 Stable Nigeria
Tempo Paper Pulp and Packaging PLC Bbb/A2 Jun 30 , 2027 Stable Nigeria
Coleman Technical Industries Limited A/A1 Jun 30 , 2027 Stable Nigeria
Odu’a Investment Company Limited Aa-/A1+ Jun 30 , 2027 Stable Nigeria
Dangote Sugar Refinery PLC A/A1 Jun 30 , 2027 Stable Nigeria
Lagos Free Zone Company Bbb/A2 Jun 30 , 2027 Stable Nigeria
Greenpeg Nigeria Limited Bbb+ Jun 30 , 2027 Stable Nigeria
Payaza Africa Limited A-/A1 Jun 30 , 2027 Stable Nigeria
United Nigeria Airlines Company Limited Bbb-/A3 Jun 30 , 2027 Stable Nigeria
Golden Fertilizer Company Limited A-/A1 Sep 30 , 2027 Stable Nigeria
Geregu Power Plc A-/A1 Jun 30 , 2027 WITHDRAWN Nigeria
Zeenab Foods Limited A-/A1 Jun 30 , 2027 Stable Nigeria
Pivot Integrated Energy Services Limited Bbb- Jun 30 , 2027 Stable Nigeria
Stratos Trading Limited Bbb-/A3 Jun 30 , 2027 Stable Nigeria
MTN Nigeria Communications PLC Aaa/A1+ Jun 30 , 2027 Stable Nigeria
Layer3 Limited Bbb/A2 Jun 30 , 2027 Stable Nigeria
BUA Cement PLC Aa-/A1+ Jun 30 , 2027 Stable Nigeria
Cardinal Torch Company Limited Bbb-/A3 Jun 30 , 2027 Stable Nigeria
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Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Fountain SPV Limited's ₦15 Billion Note A Sep 30 , 2027 Stable Nigeria
Aradel Holdings PLC's ₦10.318 Billion Bond Aa Jun 30 , 2027 Stable Nigeria
Greenland Growth SPV Limited's ₦27.26 Billion A Jul 12 , 2027 Stable Nigeria
LFZC Funding SPV Plc’s ₦10.5 Billion Bond Aaa Sep 16 , 2027 Stable Nigeria
Presco PLC's ₦34.5 Billion Bond Aa Jun 30 , 2027 Positive Nigeria
Geregu Power PLC and its ₦40.09 Billion Bond A- Jun 30 , 2027 WITHDRAWN Nigeria
Wemabod Financing SPV Limited’s ₦3 billion Senior Guaranteed Bond Aa- Mar 21 , 2027 Stable Nigeria
Stratos Trading Limited’s ₦5 Billion Series 1 Not Bbb- May 31 , 2027 Stable Nigeria
MTN Nigeria Communications PLC’s ₦110 billion Series 1 Bond Aaa Apr 30 , 2027 Stable Nigeria
Craneburg EKSG Motorway Company PLC’s ₦32.5 Billion Bond Aaa Apr 23 , 2027 Stable Nigeria
Dimension Data SPV Funding Plc’s ₦5 billion Bond Bbb+ Apr 18 , 2027 Stable Nigeria
FMN Financing 1 PLC’s ₦4.89 Billion and ₦25 Billion Bonds A- Dec 15 , 2026 Stable Nigeria
GPC-SPV Company PLC’s ₦20 Billion Bond Aaa Nov 23 , 2026 Stable Nigeria
BUA Cement PLC’s ₦115 Billion Bond A+ Dec 31 , 2026 - Nigeria
UAC of Nigeria PLC's up to ₦75 billion Bond A- Nov 30 , 2026 Stable Nigeria
Presco PLC’s ₦82.9 Billion Bond Aa Jan 31 , 2027 Stable Nigeria
CRS Funding SPV Limited’s ₦35 Billion Bond Bbb+ Dec 31 , 2026 Stable Nigeria
LFZC Funding SPV Plc’s ₦25 Billion Infrastructure Bond Aaa Mar 04 , 2027 Stable Nigeria
LFZC Funding SPV Plc’s ₦17.5 Billion Infrastructure Bond Aaa Mar 04 , 2027 Stable Nigeria
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