Ratings Release

List of Current Ratings

Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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
Fidelity Bank Plc A Dec 31 , 2021 Stable Nigeria

Bank Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Access Bank Plc ₦30 Billion Bond A+ Jun 30 , 2022 Stable Nigeria
Access Bank Plc ₦15 billion Green Bond Aa- Dec 31 , 2021 Stable Nigeria
Fidelity Bank Plc A- Nov 16 , 2021 Stable Nigeria
FSDH Funding SPV Plc A-/
A
Dec 04 , 2021 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
Wema Funding SPV Plc Series II ₦17.7 billion 7-year Fixed Rate Bond Bbb Sep 10 , 2021 Negative Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria
Flour Mills of Nigeria Plc A- Sep 30 , 2021 Stable Nigeria
Interswitch Limited Withdrawn -- N/A Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 Plc’s Series 1 Bond A- May 31 , 2022 Stable Nigeria
Transcorp Hotels Plc’s Series 1 & 2 Bonds Bbb Sep 30 , 2021 Stable Nigeria
TAK Agro Plc’s ₦15 Billion Bond Bbb+ Sep 30 , 2021 Stable Nigeria
NCNR SPV Limited’s ₦10.5 Billion Bond A- Sep 30 , 2021 Stable Nigeria
Flour Mills of Nigeria Plc.’s ₦10.11 billion Series 1 3-Year 15.5% Fixed Rate Senior Unsecured Bond A- Sep 30 , 2021 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
No Current Ratings

Funds & Investment Managers

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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
Stanbic IBTC Money Market Fund Aa(f) Dec 31 , 2021 N/A Nigeria
Chapel Hill Denham Management Limited A+(IM) Dec 21 , 2021 Stable Nigeria
First Trustees ARM Money Market Fund Aa(f) Dec 31 , 2021 Stable Nigeria
Meristem Money Market Fund A+(f) Dec 31 , 2021 Stable Nigeria
Stanbic IBTC Asset Management AA(IM) Dec 16 , 2021 Stable Nigeria
FCMB Asset Management Limited BBB+(IM) Dec 06 , 2021 Stable Nigeria
Africa Plus Partners Limited BBB+(IM) Oct 24 , 2021 Stable Nigeria
United Capital Asset Management Limited A-(IM) Oct 27 , 2021 N/A Nigeria
Coronation Fixed Income Fund A+(f)/FV5 Aug 31 , 2021 - Nigeria
Coronation Money Market Fund A(f) Aug 10 , 2021 N/A Nigeria

Insurance Companies

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Microfinance Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Mortgage Institutions

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Nigeria Mortgage Refinance Company Plc’s ₦10 billion Series III Fixed-Rate Bond Aaa(NG) Nov 02 , 2021 Stable Nigeria
Infinity Trust Mortgage Bank Plc - Servicer Rating SR3 Oct 31 , 2021 N/A Nigeria

Municipal Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Niger State Government of Nigeria 17% ₦7 Billion (formerly ₦12 billion 14% Bond) A- Dec 31 , 2021 Stable Nigeria
Niger State Government of Nigeria 17% ₦3.4 Billion (formerly ₦9 billion 14% Bond) A- Oct 31 , 2021 Stable Nigeria
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
No Current Ratings

Trustee Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Sovereigns & Supranationals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Infrastructure Credit Guarantee Company Limited Aaa Jun 30 , 2022 Stable Nigeria

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria
Flour Mills of Nigeria Plc A- Sep 30 , 2021 Stable Nigeria
Interswitch Limited Withdrawn Oct 31 , 2021 N/A Nigeria