Latest Ratings

Historical Ratings 

Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Jaiz Bank Plc A-/A1 Jun 30 , 2027 Stable Nigeria
First City Monument Bank Limited A-/A1 Jun 30 , 2027 Stable Nigeria
Coronation Merchant Bank Limited Bbb+/A2 Jun 30 , 2027 Stable Nigeria
PremiumTrust Bank Limited A-/A1 Jun 30 , 2027 Stable Nigeria
Access Bank Plc Aa/A1+ Jun 30 , 2027 Stable Nigeria
Parallex Bank Limited Bbb-/A3 Jun 30 , 2027 Stable Nigeria
SunTrust Bank Bb/B Jun 30 , 2027 Stable Nigeria
FSDH Merchant Bank Limited A/A1 Jun 30 , 2027 Stable Nigeria
Quest Merchant Bank Limited A/A1 Jun 30 , 2027 Stable Nigeria
Zenith Bank Plc Aa+/A1+ Jun 30 , 2027 Stable Nigeria
Rand Merchant Bank Aa Jun 30 , 2027 Stable Nigeria
Optimus Bank Limited A-/A1 Jun 30 , 2027 Stable Nigeria
Greenwich Merchant Bank A-/A1 Jun 30 , 2027 Stable Nigeria
Wema Bank Plc A/A1 Jun 30 , 2027 Stable Nigeria
Fidelity Bank Plc A+/A1 Dec 31 , 2026 Stable Nigeria
TAJBank Limited A-/A1 Dec 31 , 2026 Stable Nigeria
United Bank for Africa Plc Aa-/A1+ Dec 31 , 2026 Stable Nigeria

Bank Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
QMB Funding SPV Plc’s ₦8 billion Bond A- Jun 30 , 2027 Stable Nigeria
Fidelity Bank Plc’s ₦41.2 Billion Bond A Jan 07 , 2027 Stable Nigeria
TAJBank Sukuk Issuance Programme SPV Plc’s ₦57 Billion Bbb+ Dec 23 , 2026 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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
Geregu Power PLC and its ₦40.09 Billion Bond A- Jun 30 , 2027 WITHDRAW 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 Stable 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
CIG Motors Company Limited Bbb/A2 Jun 30 , 2027 Stable Nigeria
Arco WorldWide Services Limited A/A1 Sep 30 , 2026 Stable Nigeria
Dimension Data Limited Bbb+/A2 Sep 30 , 2026 Stable Nigeria
Arco WorldWide Services Limited A/A1 Sep 30 , 2026 Stable Nigeria
Cutix PLC Bbb+ Oct 31 , 2026 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Presco PLC's ₦34.5 Billion Bond Aa Jun 30 , 2027 Positive Nigeria
Primero BRT Securitization SPV Plc's ₦14.5 Billion Series 1 Bond Bbb-sf Oct 22 , 2026 Stable 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
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
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
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
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
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
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria

Development Finance Institution

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Family Homes Sukuk Issuance Program Plc’s ₦10 Billion Aa Jul 15 , 2027 Stable Nigeria
Shelter Afrique Development Bank’s ₦27.18 billion and ₦18.82 billion Bonds Aa+(ngr) Apr 20 , 2027 Stable Nigeria
Family Homes Funds Limited Aa/A1+ Jun 30 , 2027 Stable Nigeria
Shelter Afrique Development Bank Aaken/Aa+ngr Jun 30 , 2027 Stable Nigeria
Development Bank of Nigeria Plc’s Series I ₦23 billion Bond Aaa Apr 18 , 2027 Stable Nigeria
Development Bank Plc Aaa/A1+ Jun 30 , 2027 Stable Nigeria
Bank of Industry Limited Aaa(NG)/A1+ Sep 30 , 2026 Stable Nigeria

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
LECON Finance Company Limited Aa-/A1+ Jun 30 , 2027 Stable Nigeria

Funds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Zedcrest Money Market Fund Bbb+(f) Aug 20 , 2027 N/A Nigeria
United Capital Money Market Fund Aa-(f) Aug 26 , 2027 N/A Nigeria
CardinalStone Money Market Fund A+(f) Aug 11 , 2027 N/A Nigeria
GDL Money Market Fund. Bbb+(f) Jul 14 , 2027 N/A Nigeria
ValuAlliance Money Market Fund A(f) Jun 25 , 2027 N/A Nigeria
RMBN Money Market FundAgusto & Co. hereby assigns a ‘BBB(IM)’ rating to FSL Asset Management Limited. A+(f) May 19 , 2027 N/A Nigeria
Cordros Money Market Fund A(f) Apr 16 , 2027 N/A Nigeria
FSL Money Market Fund. Bbb+(f) Feb 25 , 2027 N/A Nigeria
Chapel Hill Denham Money Market Fund. A+(f) Apr 08 , 2027 N/A Nigeria
Zenith Money Market Fun A+(f) Mar 16 , 2027 N/A Nigeria
Stanbic IBTC Money Market Fund Aa-(f) Dec 31 , 2026 N/A Nigeria
EDC Nigeria Money Market Fund A+(f) Dec 10 , 2026 N/A Nigeria
AXA Mansard Money Market Fund A(f) Dec 22 , 2026 N/A Nigeria
Page Money Market Fund Bbb(f) Dec 18 , 2026 N/A Nigeria
First Trustees ARM Money Market Fund A+(f) Dec 07 , 2026 N/A Nigeria
Comercio Partners Money Market Fund A-(f)  Dec 03 , 2026 N/A Nigeria
Coronation Fixed Income Fund A+(f) / FV4 Dec 31 , 2026 N/A Nigeria
Coronation Money Market Fund A+(f) Dec 31 , 2026 N/A Nigeria
First Asset Money Market Fund Aa-(f) Dec 22 , 2026 N/A Nigeria
Meristem Money Market Fund A+(f). Nov 21 , 2026 N/A Nigeria
Guaranty Trust Money Market Fund Aa(f) Nov 04 , 2026 N/A Nigeria
Anchoria Money Market Fund A-(f) Nov 20 , 2026 N/A Nigeria
Vetiva Money Market Fund Aa-(f) Oct 27 , 2026 N/A Nigeria

Guarantee Companies

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Impact Credit Guarantee Limited Aa+/A1+ Jun 30 , 2027 Stable Nigeria
Infrastructure Credit Guarantee Company Plc Aaa/A1+ Jun 30 , 2027 Stable Nigeria

Investment Managers

Our investment manager rating reflects our opinion on the risk management and investment capabilities of an asset management company. Our investment manager rating is NOT a credit assessment and does not express our opinion on the ability of a Manager to meet its financial obligations as and when due.
COMPANY RATING EXPIRY OUTLOOK COUNTRY
Lotus Capital Limited A-/A1 Jun 30 , 2027 Stable Nigeria
CardinalStone Asset Management Limited A+(IM) Aug 11 , 2027 Stable Nigeria
Emerging Africa Asset Management Limited. A-(IM) Aug 26 , 2027 Stable Nigeria
VNL Capital Asset Management Limited BBB-(IM) Aug 26 , 2027 Stable Nigeria
First Ally Capital Limited Bbb+/A2 Jun 30 , 2027 Stable Nigeria
Investment One Financial Services Limited A(IM) Jul 26 , 2027 N/A Nigeria
FSL Asset Management Limited BBB(IM Jul 01 , 2027 N/A Nigeria
ValuAlliance Asset Management Limited A+(IM) Jun 28 , 2027 N/A Nigeria
First Ally Asset Management Limited A-(IM) Apr 19 , 2027 N/A Nigeria
Myrtle Asset Management and Trust Limited BBB-(IM) Mar 11 , 2027 Stable Nigeria
Stanbic IBTC Asset Management Limited AA(IM) Dec 31 , 2026 Positive Nigeria
Trium Limited A-(IM) Dec 31 , 2026 Stable Nigeria
Afrinvest Asset Management Limited A-(IM) Dec 31 , 2026 Stable Nigeria
Cordros Asset Management Limited A-(IM) Dec 31 , 2026 Stable Nigeria
First Asset Management Limited A+(IM) Dec 22 , 2026 Stable Nigeria
Coronation Asset Management Limited A(IM) Dec 31 , 2026 N/A Nigeria
United Capital Asset Management Limited A+(IM) Dec 17 , 2026 Stable Nigeria
Chapel Hill Denham Management Limited AA-(IM) Dec 27 , 2026 N/A Nigeria
FCMB Asset Management Limited A(IM) Dec 01 , 2026 Stable Nigeria
RMB Nigeria Asset Management Limited A-(IM) Oct 06 , 2026 Stable Nigeria
ARM Investment Managers Limited AA(IM) Oct 21 , 2026 Stable Nigeria

Insurance Companies

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Unitrust Insurance Company Limited A+/A1 Jun 30 , 2027 Stable Nigeria
Zenith General Insurance Company Limited Aa-/A1+ Jun 30 , 2027 Stable Nigeria
Mutual Benefits Assurance Plc A-/A1 Jun 30 , 2027 Stable Nigeria

Microfinance Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Alert Microfinance Bank Limited Bbb-/A3 Jun 30 , 2027 Stable Nigeria
Letshego Ghana Savings and Loans Plc Bbb-Gha/A3Gha Jun 30 , 2027 Stable Ghana
Accion Microfinance Bank Limited Bbb+/A2 Jun 30 , 2027 Stable Nigeria
ASA Savings and Loans Limited Ghana A- (Gha)/A1 (Gha) Mar 31 , 2027 N/A Ghana

Mortgage Institutions

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Nigeria Mortgage Refinance Company Plc’s ₦11 Billion Bond Aaa/nga Mar 15 , 2027 Stable Nigeria
Lagos Building Investment Company Plc. A-/A1 Jun 30 , 2027 Stable Nigeria
Nigeria Mortgage Refinance Company Plc Aa+/A1+ Jun 30 , 2027 Stable Nigeria
Abbey Mortgage Bank Plc Bbb-/A3 Sep 30 , 2026 Stable Nigeria

Municipals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Municipal Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Lagos Sate Government’s ₦97.3 billion Series II Tranches I-IV Bond Aa- Dec 31 , 2027 Stable Nigeria
Bauchi State's 16.5% ₦10.4 Billion Bond (Formerly ₦15 Billion Bond) Bbb+ Dec 31 , 2026 Stable Nigeria

Securities & Investment Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Chapel Hill Advisory Partners Limited A+/A1 Jun 30 , 2027 Stable Nigeria
MCM Funding SPV Plc’s Series I ₦1.61 billion Bond Bbb- Dec 31 , 2026 Stable Nigeria

Sovereigns & Supranationals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Trustee Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings
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Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
LECON Finance Company Limited Aa-/A1+ Jun 30 , 2027 Stable Nigeria
Download Methodology

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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
Geregu Power PLC and its ₦40.09 Billion Bond A- Jun 30 , 2027 WITHDRAW 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 Stable 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
CIG Motors Company Limited Bbb/A2 Jun 30 , 2027 Stable Nigeria
Arco WorldWide Services Limited A/A1 Sep 30 , 2026 Stable Nigeria
Dimension Data Limited Bbb+/A2 Sep 30 , 2026 Stable Nigeria
Arco WorldWide Services Limited A/A1 Sep 30 , 2026 Stable Nigeria
Cutix PLC Bbb+ Oct 31 , 2026 Stable Nigeria
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Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Presco PLC's ₦34.5 Billion Bond Aa Jun 30 , 2027 Positive Nigeria
Primero BRT Securitization SPV Plc's ₦14.5 Billion Series 1 Bond Bbb-sf Oct 22 , 2026 Stable 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
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
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
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
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
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
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria
Download Methodology