Rating Release

Agusto & Co. hereby affirms the “A” rating assigned to the River Jamieson SPV Limited’s ₦15.306 billion Series 1 and ₦2.25 billion Series 2 Bonds

The rating expires on 14 March 2025.

Agusto & Co. hereby affirms the “A” rating assigned to the River Jamieson SPV Limited’s (“River Jamieson”, “the Issuer”, “the SPV” or “the Company”) ₦15.306 billion 18.15% Fixed Rate Senior Guaranteed Series 1 Bond Due 2030 and ₦2.25 billion 18.15% Fixed Rate Senior Guaranteed Series 2 Bond Due 2030, which were issued as part of Edo State Government’s (“Edo State”, “the Sponsor” or “the Guarantor”) ₦25 billion Private Company Bond Issuance Programme. The rating affirmation reflects the continuous fulfilment of the Irrevocable Standing Payment Order (ISPO) authorising the monthly deduction of specified sums from the Sponsor’s share of centrally collected revenue (statutory allocation) into a dedicated Sinking Fund Account (SFA) towards meeting the Series 1 & 2 Bond obligations.