Rating Definitions

Rating Definitions

RATING RATING DEFINITION
AAA Industry is operating in an extremely stable political environment with sound macro-economic policies. The industry is immune to adverse changes in the economic environment.
AA Industry is operating in a stable political environment with sound macro-economic policies. Adverse changes in the economic environment will have little impact on the performance of
the Industry.
A Industry is operating in a fairly stable political environment and adverse changes in the economic environment will only increase industry risk slightly.
BBB Although industry is operating in a moderate to high-risk environment, economic fundamentals are still strong. Adverse changes in economic conditions will increase industry risk moderately.
BB Industry is operating in a moderate to high-risk environment and economic fundamentals are weak. Adverse changes in economic conditions will increase industry risk severely.
B Industry operates in a high-risk environment, economic fundamentals are weak, and industry risk is very high.
CCC Industry operates in a very high-risk environment, economic fundamentals are weak, and industry risk is very high.
CC Industry operates in an extremely risky environment, economic fundamentals are weak, and industry risk is extremely high..
C Total failure of industry.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
C&I Leasing Plc ₦10 billion 7-year Series II Bond Bbb+ Jun 03 , 2022 Stable Nigeria
C&I Leasing Plc ₦7 billion 5-year Series I Bond A- Jun 11 , 2022 Stable Nigeria
C&I Leasing Plc Bbb- Jun 30 , 2022 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 Plc’s Series 1 Bond A- May 31 , 2022 Stable Nigeria
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria