Ratings Release

List of Current Ratings

Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Unity Bank Bb- Jun 30 , 2023 Stable Nigeria
Globus Bank Bbb+ Jun 30 , 2023 Stable Nigeria
Jaiz Bank Plc Bbb Jun 30 , 2023 Stable Nigeria
FSDH Merchant Bank Limited A /B- Jun 30 , 2023 Stable Nigeria
FBNQuest Merchant Bank Limited A Jun 30 , 2023 Stable Nigeria
TAJBank Limited Bbb Jun 30 , 2023 Stable Nigeria
Providus Bank Limited Bbb- Jun 30 , 2023 Stable Nigeria
Rand Merchant Bank Nigeria Limited Aa Jun 30 , 2023 Stable Nigeria
Coronation Merchant Bank A+ Jun 30 , 2023 Stable Nigeria
Access Bank Plc Aa Jun 30 , 2023 Stable Nigeria
Wema Bank Plc Bbb Jun 30 , 2023 Stable Nigeria
Fidelity Bank A Dec 31 , 2022 Stable Nigeria

Bank Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Wema Bank Funding SPV Plc’s Series II Bond Bbb+ Sep 10 , 2023 Stable Nigeria
FBNQ MB Funding SPV Plc.’s ₦5 billion Bond A Jun 30 , 2023 Stable Nigeria
FBNQ MB Funding SPV Plc.’s ₦8 Billion Bond A- Jun 30 , 2023 Stable Nigeria
Coronation MB Funding SPV Plc’s ₦25 billion Bond A Jun 30 , 2023 Stable Nigeria
Access Bank Plc's ₦30 billion Bond Aa- Jun 30 , 2023 Stable Nigeria
Fidelity Bank Plc's ₦41.2 Billion Bond A- Jan 07 , 2023 Stable Nigeria
Access Bank Plc's ₦15 billion Green Bond Aa- Dec 31 , 2022 Stable Nigeria
FSDH Funding SPV Plc's Series I Bond A-/A Dec 04 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
North South Power Company Limited A- Jun 30 , 2023 Stable Nigeria
African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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

Development Finance Institution

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Family Homes Funds Limited A Jun 30 , 2023 Stable Nigeria
Infrastructure Credit Guarantee Company Limited Aaa Jun 30 , 2023 Stable Nigeria
Development Bank of Nigeria Plc Aaa Jun 30 , 2023 Stable Nigeria

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Lukefield Finance Company Limited Bbb- Jun 30 , 2023 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2023 Stable Nigeria

Funds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
EDC Nigeria Money Market Fund A(f) Oct 05 , 2023 N/A Nigeria
Norrenberger Money Market Fund Bbb+(f) Sep 19 , 2023 N/A Nigeria
Legacy Money Market Fund A+(f) Sep 04 , 2023 N/A Nigeria
GDL Money Market Fund Bbb-(f) Jun 16 , 2023 Stable Nigeria
United Capital Money Market Fund A(f) Jul 14 , 2023 N/A Nigeria
Coral Money Market Fund Bbb+(f) Jun 23 , 2023 N/A Nigeria
First Ally Money Market Fund A(f) Apr 27 , 2023 N/A Nigeria
ValuAlliance Money Market Fund A+(f) Mar 23 , 2023 N/A Nigeria
Cordros Money Market Fund A-(f) Mar 08 , 2023 N/A Nigeria
Chapel Hill Denham Money Market Fund A+(f) Mar 16 , 2023 N/A Nigeria
Zenith Money Market Fund A-(f) Mar 21 , 2023 N/A Nigeria
FBN Money Market Fund Aa-(f) Dec 22 , 2022 N/A Nigeria
Stanbic IBTC Money Market Fund Aa(f) Dec 21 , 2022 N/A Nigeria
First Trustees ARM Money Market Fund Aa(f) Dec 16 , 2022 N/A Nigeria
Meristem Money Market Fund A+(f) Dec 13 , 2022 N/A Nigeria
Vetiva Money Market Fund A(f) Dec 12 , 2022 N/A 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
Afrinvest Asset Management Limited A-(IM) Nov 02 , 2023 N/A Nigeria
Alpha Morgan Capital Managers Limited BBB(IM) Sep 14 , 2023 Stable Nigeria
Africa Plus Partners Nigeria Limited A-(IM) Jul 14 , 2023 Stable Nigeria
ARM Investment Managers Limited AA(IM) Jul 06 , 2023 Stable Nigeria
AVA Global Asset Managers Limited BBB-(IM) Feb 27 , 2023 Stable Nigeria
Iroko Capital Investment Management Limited BBB(IM) Feb 13 , 2023 Stable Nigeria
GDL Asset Management Limited BBB(IM) Dec 31 , 2022 Stable Nigeria
Chapel Hill Denham Asset Management Limited A+(IM) Jan 24 , 2023 Stable Nigeria
Emerging Africa Asset Management Limited BBB-(IM) Jan 25 , 2023 N/A Nigeria
FCMB Asset Management Limited BBB+(IM) Jan 10 , 2023 Stable Nigeria
United Capital Asset Management Limited A-(IM) Jan 08 , 2023 Stable Nigeria
Stanbic IBTC Asset Management Limited AA(IM) Jan 09 , 2023 Stable Nigeria

Insurance Companies

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Coronation Insurance Plc Bbb+(GHA)/
Bbb(NGR)
Jun 30 , 2023 Stable Nigeria
Unitrust Insurance Company Limited Bbb+ Jun 30 , 2023 Stable Nigeria
Consolidated Hallmark Insurance Plc Bbb Jun 30 , 2023 Stable Nigeria
Zenith General Insurance Company Limited A+ Jun 30 , 2023 Stable Nigeria

Microfinance Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Accion Microfinance Bank Limited Bbb+ Jun 30 , 2023 Stable Nigeria
AB Microfinance Bank A- Jun 30 , 2023 Stable Nigeria
NPF Microfinance Bank Plc A- Jun 30 , 2023 Stable Nigeria

Mortgage Institutions

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Nigeria Mortgage Refinance Company Plc's Series II ₦11 Billion Bond Aaa(NG) Mar 15 , 2023 Stable Nigeria
Abbey Mortgage Bank Plc Bbb- Jun 20 , 2023 Stable Nigeria
Nigeria Mortgage Refinance Company Plc Aa Jun 30 , 2023 Stable Nigeria
Jigawa Savings & Loans Limited SR 4 Jan 11 , 2023 N/A Nigeria
Infinity Trust Mortgage Bank Plc SR3 Dec 17 , 2022 N/A 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
Lagos State's 16.5% ₦47 Billion Bond Aa- Dec 31 , 2023 Stable Nigeria
Kogi State's 17% ₦3 Billion Bond Bbb+ Mar 31 , 2025 Stable Nigeria
Bauchi State's 16.5% ₦10.4 Billion Bond (Formerly ₦15 Billion Bond) Bbb+ Dec 31 , 2026 Stable Nigeria
Kogi State’s 15% ₦5 billion Bond Bbb+ Dec 31 , 2023 Stable Nigeria
Gombe State's 16% ₦12.5 Billion Bond (formerly ₦20 Billion Bond) Bbb+ Dec 31 , 2023 Stable Nigeria

Securities & Investment Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
United Capital Plc's Series II ₦10 Billion Bond A- May 29 , 2023 Stable Nigeria
CardinalStone Partners Limited Bbb Jun 30 , 2023 Stable Nigeria
United Capital Plc's Series II ₦11.7 Billion Bond A- Aug 29 , 2023 Stable Nigeria
Parthian Partners Funding SPV Plc’s ₦10 billion Bond Bbb- Jul 27 , 2023 Stable Nigeria
Lotus Capital Limited Bbb Jun 30 , 2023 Stable Nigeria
United Capital Plc A- Jun 30 , 2023 Stable Nigeria
Comercio Partners Limited Bbb Jun 30 , 2023 Stable Nigeria
Parthian Partners Limited Bbb Jun 30 , 2023 Stable Nigeria
CardinalStone Financing SPV Plc’s ₦5 billion Series 1 Bond Bbb Dec 31 , 2022 Stable Nigeria

Sovereigns & Supranationals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Shelter Afrique's Series I ₦27.18 Billion & ₦18.82 Billion Bonds A+(ngr) Apr 19 , 2023 Stable Nigeria
Africa Finance Corporation Aaa (NGA) /
Aa
Jun 30 , 2023 Stable Nigeria
Shelter Afrique   A(ken) /
A+(ngr)
Jun 30 , 2023 Stable Nigeria
Nigeria Sovereign Investment Authority. Aaa (NGA) Jun 30 , 2023 Stable Nigeria

Trustee Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Lukefield Finance Company Limited Bbb- Jun 30 , 2023 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2023 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
North South Power Company Limited A- Jun 30 , 2023 Stable Nigeria
African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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