Agusto & Co assigns a ‘Bbb-‘rating to HASAL Microfinance Bank Limited

Rating Category: Microfinance Banks

Agusto & Co assigns a ‘Bbb-‘rating to HASAL Microfinance Bank Limited. (“HASAL” or “the Bank”). The rating is supported by the Bank’s good capitalisation, good funding & liquidity profile and qualified management team. The rating is, however, constrained by declining profitability and increase in non-performing loans.

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
C&I Leasing Plc's ₦10 Billion Bond A- Jun 30 , 2026 Stable Nigeria
C&I Leasing Plc Bbb/A2 Jun 30 , 2026 Stable Nigeria
FundQuest Finance Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Fast Credit Finance Company Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Fewchore Finance Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Credit Direct Finance Company Limited Bbb+ Jun 30 , 2026 Stable Nigeria
LECON Finance Company Limited A+ Jun 30 , 2026 Stable Nigeria
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Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
CIG Motors Company Limited Bbb/A2 Jun 30 , 2027 Stable Nigeria
Smart Residences Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Falcon Corporation Limited A/A1 Jun 30 , 2026 Stable Nigeria
Arco WorldWide Services Limited A/A1 Sep 30 , 2026 Stable Nigeria
Dimension Data Limited Bbb+/A2 Sep 30 , 2026 Stable Nigeria
Strides Energy and Maritime Limited Bbb-/A3 Jun 30 , 2026 Stable Nigeria
Jimcol Resources Nigeria Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Arco WorldWide Services Limited A/A1 Sep 30 , 2026 Stable Nigeria
Coleman Technical Industries Limited A Jun 30 , 2026 Stable Nigeria
African Non-Ferrous Industries Limited A- Jun 30 , 2026 Stable Nigeria
Paras Energy and Natural Resources Development Limited A+/A1 Jun 30 , 2026 Stable Nigeria
Abuja Steel Mills Limited A-/A1 Jun 30 , 2026 Stable Nigeria
Saro Lifecare Limited A- Jun 30 , 2026 Stable Nigeria
Benue Investment and Property Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Axxela Limited Aa- Jun 30 , 2026 Stable Nigeria
Zeenab Foods Limited A Jun 30 , 2026 Stable Nigeria
Nigerian Breweries PLC A+ Jun 30 , 2026 Stable Nigeria
Premium Cocoa Products (Ile-Oluju) Limited Bbb Jun 30 , 2026 Stable Nigeria
MTN Nigeria Communication PLC Aa+ Jun 30 , 2026 Stable Nigeria
Cutix PLC Bbb+ Oct 31 , 2026 Stable Nigeria
Johnvents Industries Limited Bbb+ Jun 30 , 2026 Stable Nigeria
Payaza Africa Limited Bbb Jun 30 , 2026 Stable Nigeria
NGN Gram Limited Bbb Jun 30 , 2026 Stable Nigeria
Food Concepts PLC A Jun 30 , 2026 Stable Nigeria
Odu'a Investment Company Limited  Aa- Jun 30 , 2026 Stable Nigeria
UAC of Nigeria PLC A- Jun 30 , 2026 Stable Nigeria
Lagos Free Zone Company Bbb Jun 30 , 2026 Positive Nigeria
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Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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
TSL SPV Plc’s ₦12 Billion Infrastructure Bond Aaa Oct 06 , 2026 Stable Nigeria
FMN Financing 1 PLC’s ₦4.89 Billion and ₦25 Billion Bonds A- Dec 15 , 2026 Stable Nigeria
GEL Utility Funding SPV Plc’s ₦13 Billion Bond Aaa Aug 31 , 2026 Stable Nigeria
MTN Nigeria Communications PLC's ₦10,085,600,000 and ₦104,914,400,000 Bonds Aa+ Sep 30 , 2026 Stable Nigeria
GPC-SPV Company PLC’s ₦20 Billion Bond Aaa Nov 23 , 2026 Stable Nigeria
Lagos State Government's ₦100 Billion Bond Aa Sep 30 , 2026 Stable Nigeria
MTN Nigeria Communications PLC's ₦89.99 Billion Bond Aa+ Sep 30 , 2026 Stable Nigeria
Lagos State Government's ₦38.7 Billion and ₦5.34 Billion Bonds Aa Sep 30 , 2026 Stable Nigeria
Lagos State Infrastructure Sukuk SPV Plc's ₦19.815 Billion Aa Sep 30 , 2026 Stable Nigeria
Lagos State Government's ₦137.3 Billion Bond Aa Sep 30 , 2026 Stable Nigeria
Lagos State Government's ₦115 Billion Bond and Hybrid Instruments Issuance Programme. Aa Sep 30 , 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
Geregu Power Plc's ₦40.085 Billion Bond A- Jul 28 , 2026 Stable Nigeria
Lagos State Government's Proposed ₦14.8 Billion Green Bond and Hybrid Instruments Issuance Programme Aa Sep 30 , 2026 Stable Nigeria
Lagos State Government's proposed ₦200 Billion Bond and Hybrid Instruments Issuance Programme Aa Sep 30 , 2026 Stable Nigeria
UAC of Nigeria PLC's ₦5.82 Billion Bond A- Aug 14 , 2026 Stable Nigeria
Dangote Industries Funding PLC’s ₦112.42 Billion Bond A+ Jul 19 , 2026 Negative Nigeria
Dangote Industries Funding PLC’s ₦10.47 Billion Bond Due 2029 and ₦177.12 Billion Bond Due 2032 A+ Jun 30 , 2026 Negative 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
CRS Funding SPV Limited’s ₦22.8 Billion Bond Bbb+ Aug 05 , 2026 Stable Nigeria
Paras Energy Funding SPV PLC’s ₦15 Billion Bond A+ Oct 30 , 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
Aradel Holdings PLC's  ₦10.318 billion Bond Aa Jun 30 , 2026 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria
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