Banks
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Providus Bank Limited | Bbb/A2 | Jun 30 , 2026 | Stable | Nigeria |
| Access Bank Plc | Aa/A1+ | Jun 30 , 2026 | Stable | Nigeria |
| Merchant Bank Limited | Bbb+/A2 | Jun 30 , 2026 | Stable | Nigeria |
| FSDH Merchant Bank Limited | A(NGA) B-(FCY) |
Jun 30 , 2026 | Stable | Nigeria |
| FBNQuest Merchant Bank Limited | A-/A1 | Jun 30 , 2026 | Stable | Nigeria |
| Globus Bank Limited | A/A1 | Jun 30 , 2026 | Stable | Nigeria |
| Keystone Bank Limited | B/B | Jun 30 , 2026 | Stable | Nigeria |
| Greenwich Merchant Bank Limited | A-/A1 | Jun 30 , 2026 | Stable | Nigeria |
| Rand Merchant Bank Nigeria Limited | Aa/A1+ | Jun 30 , 2026 | Stable | Nigeria |
| TAJBank Limited | Bbb+/A2 | Dec 31 , 2025 | Stable | Nigeria |
| Wema Bank Limited | A-/A1 | Jun 30 , 2026 | Stable | Nigeria |
| Optimus Bank Limited | Bbb/A2 | Jun 30 , 2026 | Stable | Nigeria |
| FCMB Limited | A- | Jun 30 , 2026 | Stable | Nigeria |
| Fidelity Bank Plc | A+ | Dec 31 , 2025 | Stable | Nigeria |
| UBA Plc | Aa- | Dec 31 , 2025 | Stable | Nigeria |
Bank Bonds
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| FBNQ MB Funding SPV Plc’s ₦8 billion Bond | Bbb+ | Jun 30 , 2026 | Stable | Nigeria |
| Tranche A & Tranche B - FSDH Funding SPV Plc. | A- / A |
Dec 04 , 2025 | Stable | Nigeria |
| Fidelity Bank Plc’s ₦41.2 billion Series 1 Bond | A | Jan 07 , 2026 | Stable | Nigeria |
Corporates
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| 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 |
| Vitafoam Nigeria Plc | A | Mar 31 , 2026 | Stable | Nigeria |
| Lagos Free Zone Company | Bbb | Jun 30 , 2026 | Positive | Nigeria |
Corporate Bonds
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Axxela Funding 1 PLC's ₦16.4 billion Bond | Aa- | Apr 12 , 2026 | Stable | Nigeria |
| Axxela Funding 1 PLC's ₦11.5 Billion Bond | Aa- | May 20 , 2026 | Stable | Nigeria |
| NEN Infrastructure Limited's ₦17.1 Billion Bond | A | May 31 , 2026 | Stable | Nigeria |
| NEN Infrastructure Limited's ₦40.975 Billion Bond | A- | Mar 22 , 2026 | Stable | Nigeria |
| Aradel Holdings PLC's ₦10.318 billion Bond | Aa | Jun 30 , 2026 | Stable | Nigeria |
| MTN Nigeria Communications PLC’s ₦110,001,000,000 Series 1 Bond | Aa+ | Apr 30 , 2026 | Stable | Nigeria |
| LFZC Funding SPV PLC’s ₦25 billion Bond | Aaa | Mar 16 , 2026 | Stable | Nigeria |
| NCNI Limited's ₦13.2 Billion Bond | A | Feb 01 , 2026 | Stable | Nigeria |
| GPC-SPV Company PLC | Aaa | Nov 23 , 2025 | Stable | Nigeria |
| PAT Digital Infra Fund SPV PLC | Aaa | Feb 02 , 2026 | 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 |
|---|---|---|---|---|
| Shelter Afrique’s Bonds | Aa(ngr) | Apr 20 , 2026 | Stable | Nigeria |
| Shelter Afrique | A+(ken) /Aa-(ngr) | Jun 30 , 2026 | Stable | Nigeria |
| Family Homes Funds Limited | Aa/A1+ | Jun 30 , 2026 | Stable | Nigeria |
| Nigeria Mortgage Refinance Company Plc | Aa | Jun 30 , 2026 | Stable | Nigeria |
| Infrastructure Credit Guarantee Company Plc | Aaa/A1+ | Jun 30 , 2026 | Stable | Nigeria |
| Development Bank of Nigeria Plc | Aaa | Jun 30 , 2026 | Stable | Nigeria |
| DBN’s Senior Unsecured Series I Bond | Aaa | Apr 18 , 2026 | Stable | Nigeria |
Finance & Leasing
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| 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 |
Funds
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Legacy Money Market Fund | Aa-(f) | Sep 25 , 2026 | N/A | Nigeria |
| Zedcrest Money Market Fun | Bbb+(f) | Aug 03 , 2026 | N/A | Nigeria |
| Coral Money Market Fund | A(f) | Aug 28 , 2026 | N/A | Nigeria |
| United Capital Money Market Fund | A+(f) | Aug 17 , 2026 | N/A | Nigeria |
| First Ally Money Market Fund | A(f) | Jun 01 , 2026 | N/A | Nigeria |
| GDL Money Market Fund | Bbb+(f) | Jun 30 , 2026 | N/A | Nigeria |
| CardinalStone Money Market Fund | A(f) | Jun 18 , 2026 | Stable | Nigeria |
| ValuAlliance Money Market Fund | A+(f) | May 26 , 2026 | N/A | Nigeria |
| RMBN Money Market Fund | A-(f) | May 13 , 2026 | N/A | Nigeria |
| Cordros Money Market Fund | A-(f) | Apr 02 , 2026 | N/A | Nigeria |
| Chapel Hill Denham Money Market Fund | A+(f) | Mar 25 , 2026 | N/A | Nigeria |
| Zenith Money Market Fund | A(f) | Mar 05 , 2026 | N/A | Nigeria |
| FSL Money Market Fund | Bbb+(f) | Feb 16 , 2026 | N/A | Nigeria |
| Stanbic IBTC Money Market Fund | Aa-(f) | Dec 30 , 2025 | N/A | Nigeria |
| Coronation Fixed Income Fund | A+(f) | Dec 30 , 2025 | N/A | Nigeria |
| Coronation Money Market Fund | A+(f) | Dec 17 , 2025 | N/A | Nigeria |
| Guaranty Trust Money Market Fund | Aa-(f) | Dec 05 , 2025 | N/A | Nigeria |
| First Trustees ARM Money Market Fund | A+(f) | Dec 17 , 2025 | N/A | Nigeria |
| Page Money Market Fund | Bbb(f) | Dec 17 , 2025 | N/A | Nigeria |
| AXA Mansard Money Market Fund | A+(f) | Dec 27 , 2025 | N/A | Nigeria |
| FBN Money Market Fund | A+(f) | Dec 22 , 2025 | N/A | Nigeria |
| Meristem Money Market Fund | A(f) | Dec 05 , 2025 | N/A | Nigeria |
| Comercio Partners Money Market Fund | Bbb+ | Dec 08 , 2025 | N/A | Nigeria |
| Anchoria Money Market Fund | Bbb+(f) | Nov 24 , 2025 | N/A | Nigeria |
| Vetiva Money Market Fund | A+(f) | Nov 12 , 2025 | N/A | Nigeria |
| EDC Nigeria Money Market Fund | A+(f) | Oct 31 , 2025 | N/A | Nigeria |
Guarantee Companies
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|
No Current Ratings
Investment Managers
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Vetiva Fund Managers Limited | A(IM) | Sep 10 , 2026 | Stable | Nigeria |
| MBO Capital Management Limited | A(IM) | Aug 20 , 2026 | Stable | Nigeria |
| Africa Plus Partners Nigeria Limited | A(IM) | Aug 28 , 2026 | N/A | Nigeria |
| Quantum Zenith Asset Management | A-(IM) | Sep 04 , 2026 | Stable | Nigeria |
| CrusaderSterling Pensions Limited | AA-(PFM) | Aug 28 , 2026 | Stable | Nigeria |
| FSDH Asset Management Limited | A-(IM) | Aug 28 , 2026 | Stable | Nigeria |
| Emerging Africa Asset Management Limited | A-(IM) | Aug 14 , 2026 | Stable | Nigeria |
| CardinalStone Asset Managers Limited | A(IM) | Jun 18 , 2026 | Stable | Nigeria |
| ValuAlliance Asset Management Limited | A+(IM) | Jun 05 , 2026 | Stable | Nigeria |
| Norrenberger Asset Management Limited | BBB(IM) | Nov 12 , 2025 | Stable | Nigeria |
| Chapel Hill Denham Management Limited | AA-(IM) | Jan 02 , 2026 | Stable | Nigeria |
| Stanbic IBTC Asset Management Limited | AA(IM) | Dec 23 , 2025 | Stable | Nigeria |
| Coronation Asset Management Limited | A-(IM) | Dec 31 , 2025 | Stable | Nigeria |
| FundCo Capital Managers Limited | BBB(IM) | Dec 31 , 2025 | N/A | Nigeria |
| FBNQuest Asset Management Limited | A+(IM) | Dec 31 , 2025 | Stable | Nigeria |
| Afrinvest Asset Management Limited | A-(IM) | Dec 31 , 2025 | Stable | Nigeria |
| First Ally Asset Management Limited | A-(IM) | Dec 30 , 2025 | N/A | Nigeria |
| United Capital Asset Management Limited | A+(IM) | Dec 30 , 2025 | Stable | Nigeria |
| GDL Asset Management Limited | BBB+(IM) | Dec 30 , 2025 | Stable | Nigeria |
| FCMB Asset Management Limited | A-(IM) | Nov 24 , 2025 | Stable | Nigeria |
| Trium Limited | A-(IM) | Oct 27 , 2025 | Stable | Nigeria |
Insurance Companies
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| SUNU Assurances Nigeria Plc | A-/A1 | Jun 30 , 2026 | Stable | Nigeria |
| Heirs General Insurance Limited | A-/A1 | Jun 30 , 2026 | Stable | Nigeria |
| Heirs Life Assurance | A/A1 | Jun 30 , 2026 | Stable | Nigeria |
| Zenith General Insurance Company Limited | Aa-/A1+ | Jun 30 , 2026 | Stable | Nigeria |
Microfinance Banks
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Infinity Microfinance Bank Limited | Bbb | Jun 30 , 2026 | Stable | Nigeria |
| DavoDani Microfinance Bank Limited | Bbb- | Jun 30 , 2026 | Stable | Nigeria |
| LAPO Microfinance Bank Limited | Bbb- | Jun 30 , 2026 | Stable | Nigeria |
Mortgage Institutions
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|
No Current Ratings
Municipals
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Jigawa State Government | Bbb | Dec 31 , 2025 | Stable | Nigeria |
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 |
|---|---|---|---|---|
| First Ally Capital Limited | Bbb/A2 | Jun 30 , 2026 | Stable | Nigeria |
| MBO Capital Management Limited | Bbb- | Jun 30 , 2026 | Stable | Nigeria |
| CardinalStone Financing SPV Plc's Series I Bond | A- | Dec 31 , 2025 | Stable | Nigeria |
Sovereigns & Supranationals
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Federal Republic of Nigeria | B+ | Jul 16 , 2026 | Stable | Nigeria |
Trustee Firms
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Coronation Trustees Limited | A2/Bbb | Jun 30 , 2026 | Stable | Nigeria |
