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All Ratings

Banks

COMPANY RATING EXPIRY COUNTRY
FSDH Merchant Bank Limited A Jun 30 , 2021 Nigeria
Rand Merchant Bank Nigeria Limited Aa- Jun 30 , 2021 Nigeria
Wema Bank Plc Bbb- Jun 30 , 2021 Nigeria
Union Bank of Nigeria Plc’s ₦30 billion, 10-year Fixed-Rate Direct Bond Bbb+ Jun 05 , 2021 Nigeria
Providus Bank Plc Bb Jun 30 , 2021 Nigeria
Nova Merchant Bank Limited Bbb Jun 30 , 2021 Nigeria
Union Bank of Nigeria Plc A- Jun 30 , 2021 Nigeria
Coronation Merchant Bank Limited A+ Jun 30 , 2021 Nigeria
Access Bank Plc’s ₦15 billion 5-year Fixed Rate Unsecured Green Bond Aa- Dec 31 , 2020 Nigeria
Wema Funding SPV Plc’s ₦17.7 billion 7-year Fixed Rate Bond Bbb Sep 30 , 2020 Nigeria

Corporates

COMPANY RATING EXPIRY COUNTRY
Flour Mills of Nigeria Plc Bbb Sep 30 , 2020 Nigeria
Interswitch Limited Aa Sep 30 , 2020 Nigeria

Corporate Bonds

COMPANY RATING EXPIRY COUNTRY
CERPAC Receivables Funding SPV Plc’s Up To ₦25 Billion Fixed Rate Bond A+sf Jan 31 , 2021 Nigeria
Mixta Real Estate Plc’s ₦4.5 Billion 17% Five-Year Fixed Rate Senior Guaranteed Bond Due 2022 Aaa Sep 30 , 2020 Nigeria
Mixta Real Estate Plc’s ₦2.961 Billion 16.5% Five-Year Fixed Rate Senior Guaranteed Bond Due 2023 Aaa Sep 30 , 2020 Nigeria
Interswitch Africa One Plc’s ₦23 Billion 7-Year 15% Fixed Rate Series 1 Senior Unsecured Callable Bonds Due 2026 Aa- Oct 30 , 2020 Nigeria
Nigerian Aviation Handling Company Plc.’s ₦2.05 billion Bond - Series II Bond Bbb+ Sep 30 , 2020 Nigeria
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Nigeria
Cerpac Receivables Funding SPV Plc’s Up To ₦25 Billion Future Flow Receivables Backed Securitisation Fixed Rate Bond Aa+sf Nov 30 , 2020 Nigeria
Mixta Real Estate Plc’s ₦4.5 Billion 17% Five-Year Fixed Rate Senior Guaranteed Bond Due 2022 (Series 1) Aaa Oct 31 , 2022 Nigeria
Mixta Real Estate Plc’s ₦2.32 Billion 17.75% Senior Secured Five-year Fixed Rate Bond Due 2023 (Series 2 Tranche B) A+ Jan 31 , 2023 Nigeria
Mixta Real Estate Plc’s ₦2.961 Billion 16.5% Senior Guaranteed Five-Year Fixed Rate Bonds Due 2023 (Series 2 Tranche A) Aaa Jan 31 , 2023 Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Nigeria

Finance & Leasing

COMPANY RATING EXPIRY COUNTRY
No Current Ratings

Funds & Investment Managers

COMPANY RATING EXPIRY COUNTRY
Legacy Money Market Fund A(f) Jun 23 , 2021 Nigeria
GTI Asset Management & Trust Limited BBB-(IM) Jun 01 , 2021 Nigeria
Zenith Money Market Fund A-(f) Mar 31 , 2021 Nigeria
United Capital Money Market Fund A-(f) Apr 14 , 2021 Nigeria
SCM Capital Asset Management Limited BBB-(IM) May 06 , 2021 Nigeria
AXA Mansard Money Market Fund A(f) Apr 28 , 2021 Nigeria
Legacy Debt Fund A+(f)/FV3 Mar 31 , 2021 Nigeria
Chapel Hill Denham Money Market Fund A(f) Apr 02 , 2021 Nigeria
GDL Money Market Fund Bbb(f) Apr 03 , 2021 Nigeria
ARM Investment Managers Limited AA(IM) Apr 28 , 2021 Nigeria
FBNQuest Funds A-(IM) Apr 07 , 2021 Nigeria
Abacus Money Market Fund A(f) Feb 28 , 2021 Nigeria
First Ally Asset Management Limited Bbb+(IM) Mar 31 , 2021 Nigeria
FSDH Treasury Bills Fund A(f) Jan 31 , 2021 Nigeria
Cordros Money Market Fund A-(f) Feb 28 , 2021 Nigeria
First Trustees ARM Money Market Fund Aa(f) Dec 31 , 2020 Nigeria
Stanbic IBTC Money Market Fund Aa(f) Dec 23 , 2020 Nigeria
First Ally Money Market Fund A(f) Dec 15 , 2020 Nigeria
FBN Money Market Fund Aa-(f) Dec 05 , 2020 Nigeria
Chapel Hill Denham Management Limited A(IM) Nov 07 , 2020 Nigeria
Growth & Development Asset Management Limited BBB(IM) Aug 14 , 2020 Nigeria

Insurance Companies

COMPANY RATING EXPIRY COUNTRY
No Current Ratings

Microfinance Banks

COMPANY RATING EXPIRY COUNTRY
No Current Ratings

Mortgage Institutions

Municipal Bonds

COMPANY RATING EXPIRY COUNTRY
Niger State Government of Nigeria 17% ₦7 Billion (formerly ₦12 billion 14% Bond) A- Dec 31 , 2021 Nigeria
Niger State Government of Nigeria 17% ₦3.4 Billion (formerly ₦9 billion 14% Bond) A- Oct 31 , 2021 Nigeria
Lagos Sate Government’s ₦97.3 billion Series II Tranches I-IV Bond Aa- Dec 31 , 2027 Nigeria
Lagos State's 16.5% ₦47 Billion Bond Aa- Dec 31 , 2023 Nigeria
Ekiti State's 14.5% ₦5 Billion Bond SUSPENDED Dec 31 , 2022 Nigeria
Zamfara State’s 17% ₦7.00 Billion Bond BBB Apr 30 , 2022 Nigeria
Kogi State's 17% ₦3 Billion Bond Bbb+ Mar 31 , 2025 Nigeria
Plateau State’s 17.5% ₦28.2 billion Bond Bbb Mar 30 , 2022 Nigeria
Benue State’s 16.5% N4.95 billion Bond Bbb+ Feb 27 , 2022 Nigeria
Gombe State's 16% ₦5 Billion Bond Bbb+ Feb 19 , 2022 Nigeria
Oyo State’s 16.5% ₦4.80 Billion Bond A- Feb 16 , 2022 Nigeria
Bauchi State's 16.5% ₦10.4 Billion Bond (Formerly ₦15 Billion Bond) Bbb+ Dec 31 , 2026 Nigeria
Kogi State’s 15% ₦5 billion Bond Bbb+ Dec 31 , 2023 Nigeria
Lagos State's 13.5% ₦87.5 Billion Bond Aa- Nov 30 , 2020 Nigeria
Osun Sukuk Company Plc’s 14.75% ₦11.4 Billion Sukuk Al Ijarah Bbb- Oct 31 , 2020 Nigeria
Gombe State's 16% ₦12.5 Billion Bond (formerly ₦20 Billion Bond) Bbb+ Dec 31 , 2023 Nigeria

Securities & Investment Firms

COMPANY RATING EXPIRY COUNTRY
CardinalStone Partners Limited Bbb- Jun 30 , 2021 Nigeria

Trustee Firms

COMPANY RATING EXPIRY COUNTRY
No Current Ratings

Sovereigns & Supranationals

COMPANY RATING EXPIRY COUNTRY
Bank of Industry Limited Aa Sep 30 , 2020 Nigeria