Banks
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Unity Bank Plc | Bb- | Jun 30 , 2022 | Stable | Nigeria |
| TAJBank Limited | Bbb- | Dec 31 , 2022 | Stable | Nigeria |
| Jaiz Bank Plc | Bbb | Jun 30 , 2022 | Stable | Nigeria |
| FBNQuest Merchant Bank Limited | A | Jun 30 , 2022 | Stable | Nigeria |
| Providus Bank Plc | Bbb- | Jun 30 , 2022 | Stable | Nigeria |
| Globus Bank Limited | Bbb- | Jun 30 , 2022 | Stable | Nigeria |
| Access Bank Plc | Aa- | Jun 30 , 2022 | Stable | Nigeria |
| Rand Merchant Bank Nigeria Limited | Aa- | Jun 30 , 2022 | Stable | Nigeria |
| Union Bank of Nigeria Plc | A- | Jun 30 , 2022 | Stable | Nigeria |
| Coronation Merchant Bank Limited | A+ | Jun 30 , 2022 | Stable | Nigeria |
| Nova Merchant Bank Limited | Bbb | Jun 30 , 2022 | Stable | Nigeria |
| Wema Bank Plc | Bbb- | Jun 30 , 2022 | Stable | Nigeria |
| United Bank for Africa Plc | Aa- | Jun 30 , 2022 | Stable | Nigeria |
| FSDH Merchant Bank Limited | A(NGA) B-(FCY) | Jun 30 , 2022 | Stable | Nigeria |
Bank Bonds
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Wema Funding SPV Plc’s Series II ₦17.7 billion bond | Bbb | Sep 10 , 2022 | Stable | Nigeria |
| FBNQ MB Funding SPV Plc Series II Bond | A- | Jun 30 , 2022 | Stable | Nigeria |
| FBNQ MB Funding SPV Plc Series I Bond | A | Jun 30 , 2022 | Stable | Nigeria |
| Access Bank Plc ₦30 Billion Bond | A+ | Jun 30 , 2022 | Stable | Nigeria |
| Union Bank of Nigeria Plc.’s ₦30 billion 10-year Bond | Bbb+ | Jun 30 , 2022 | Stable | Nigeria |
| Union Bank of Nigeria Plc - ₦13.5 billion combined Series 1 and Series 2 Bond | A- | Jun 30 , 2022 | Stable | Nigeria |
| Coronation MB Funding SPV Plc Bond | A | Jun 30 , 2022 | Stable | Nigeria |
| NOVAMBL Investments SPV Plc | Bbb- | May 20 , 2022 | Stable | 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 |
| Municipality Waste Management Contractors Limited up to ₦27 Billion Series 1 (Tranches A, B & C) Bond | Awaiting Review | -- | - | Nigeria |
Finance & Leasing
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Credit Direct Limited | Bbb | Jun 30 , 2022 | Stable | Nigeria |
| Citihomes Finance Company Limited | SR3 | Jul 05 , 2022 | N/A | Nigeria |
| WSTC Financial Services Limited | Bbb+ | Mar 31 , 2022 | Stable | Nigeria |
Funds & Investment Managers
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| United Capital Asset Management Limited (‘UCAML’ or ‘the Manager’). | A-(IM) | Dec 08 , 2022 | Stable | Nigeria |
| Stanbic IBTC Asset Management Limited | AA(IM) | Jan 09 , 2023 | Stable | 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 |
| Anchoria Money Market Fund | Bbb-(f) | Oct 26 , 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 |
| MBO Capital Management Limited | BBB+(IM) | Nov 02 , 2022 | Stable | Nigeria |
| Coronation Fixed Income Fund | A+/ FV4 | Sep 13 , 2022 | N/A | Nigeria |
| Coronation Money Market Fund | A+(f) | Sep 13 , 2022 | N/A | Nigeria |
| Coronation Asset Management Limited | A-(IM) | Sep 23 , 2022 | Stable | Nigeria |
| EDC Nigeria Money Market Fund | A-(f) | Sep 22 , 2022 | N/A | Nigeria |
| AXA Mansard Money Market Fund | A+(f) | Aug 23 , 2022 | N/A | Nigeria |
| Alpha Morgan Capital Managers Limited | BBB-(IM) | Aug 01 , 2022 | Stable | Nigeria |
| AIICO Capital Limited | Suspended | -- | N/A | Nigeria |
| Legacy Money Market Fund | A+(f) | Jul 30 , 2022 | Stable | Nigeria |
| First Ally Asset Management Limited | BBB+(IM) | Jul 09 , 2022 | Stable | Nigeria |
| United Capital Money Market Fund | A-(f) | Jun 21 , 2022 | N/A | Nigeria |
| Africa Plus Partners Limited | A-(IM) | Jun 23 , 2022 | Stable | Nigeria |
| Legacy Debt Fund | Aa-/ FV3 | Jun 14 , 2022 | N/A | Nigeria |
| ARM Investment Managers Limited | AA(IM) | Jun 02 , 2022 | Stable | Nigeria |
| Abacus Money Market Fund | A-(f) | May 27 , 2022 | N/A | Nigeria |
| Zenith Money Market Fund | A-(f) | Mar 18 , 2022 | N/A | Nigeria |
| GDL Money Market Fund | Bbb-(f) | May 10 , 2022 | N/A | Nigeria |
| Coral Money Market Fund | A(f) | Apr 15 , 2022 | N/A | Nigeria |
| Chapel Hill Denham Money Market Fund | A+(f) | Mar 15 , 2022 | N/A | Nigeria |
| First Ally Money Market Fund | A(f) | Mar 12 , 2022 | N/A | Nigeria |
| ValuAlliance Money Market Fund | A(f) | Mar 02 , 2022 | N/A | Nigeria |
| AVA Global Asset Managers Limited | BBB-(IM) | Feb 09 , 2022 | Stable | Nigeria |
Insurance Companies
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Coronation Insurance Plc | Bbb(NGR) Bbb(GHA) | Jun 30 , 2022 | Stable | Nigeria |
| Consolidated Hallmark Insurance Plc | Bbb | Jun 30 , 2022 | Stable | Nigeria |
| Anchor Insurance Limited | Bbb | Jun 30 , 2022 | Stable | Nigeria |
| ZB Reinsurance Limited | Bbb(ZBW) | Jun 30 , 2022 | Stable | Zimbabwe |
| Unitrust Insurance Company Limited | Bbb+ | Jun 30 , 2022 | Stable | Nigeria |
| Linkage Assurance Plc | A- | Jun 30 , 2022 | Stable | Nigeria |
| Zenith General Insurance Company Limited | A+ | Jun 30 , 2022 | Stable | Nigeria |
Microfinance Banks
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Infinity Microfinance Bank Limited | Bbb | Jun 30 , 2022 | Stable | Nigeria |
Mortgage Institutions
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| NMRC’s Series III ₦10 billion 7-Year Fixed Rate Secured Bond | Aaa(NG) | Nov 03 , 2022 | Stable | Nigeria |
| Nigeria Mortgage Refinance Company Plc’s Series II ₦11 billion | Aaa(NG) | Mar 15 , 2022 | Stable | Nigeria |
| Nigeria Mortgage Refinance Company Plc’s | Aa- | Jun 30 , 2022 | 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 |
| Lagos State's 16.5% ₦47 Billion Bond | Aa- | Dec 31 , 2023 | Stable | Nigeria |
| Zamfara State’s 17% ₦7.00 Billion Bond | BBB | Apr 30 , 2022 | Stable | Nigeria |
| Kogi State's 17% ₦3 Billion Bond | Bbb+ | Mar 31 , 2025 | Stable | Nigeria |
| Plateau State’s 17.5% ₦28.2 billion Bond | Bbb | Mar 30 , 2022 | Stable | Nigeria |
| Benue State’s 16.5% N4.95 billion Bond | Bbb+ | Feb 27 , 2022 | Stable | Nigeria |
| Gombe State's 16% ₦5 Billion Bond | Bbb+ | Feb 19 , 2022 | Stable | Nigeria |
| Oyo State’s 16.5% ₦4.80 Billion Bond | A- | Feb 16 , 2022 | 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 ₦10 billion Series I Bond | A- | May 29 , 2022 | Stable | Nigeria |
| CardinalStone Partners Group | Bbb | Jun 30 , 2022 | Stable | Nigeria |
| Parthian Partners Limited | Bbb | Jun 30 , 2022 | Stable | Nigeria |
| United Capital Plc | A- | Jun 30 , 2022 | Stable | Nigeria |
Trustee Firms
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|
No Current Ratings
Sovereigns & Supranationals
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Shelter Afrique | A(KEN) / A+(NGR) | Jun 30 , 2022 | Stable | Kenya |
| Africa Finance Corporation | Aa (FCY) Aaa(NGR) | Jun 30 , 2022 | Stable | Nigeria |
| Infrastructure Credit Guarantee Company Limited | Aaa | Jun 30 , 2022 | Stable | Nigeria |
Development Finance Institution
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Bank of Industry Limited | Aaa | Sep 30 , 2022 | Stable | Nigeria |
| Development Bank of Nigeria Plc | Aaa | Jun 30 , 2022 | Stable | Nigeria |
