Ratings Release

List of Current Ratings

Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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
TAJBank Limited Bbb- Dec 31 , 2022 Stable Nigeria

Bank Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Coronation MB Funding SPV Plc’s ₦25 billion Bond A Jun 30 , 2023 Stable Nigeria
Access Bank Plc ₦30 billion Bond Aa- Jun 30 , 2023 Stable Nigeria
Fidelity Bank Plc's ₦41.2 Billion Bond A- Jan 07 , 2023 Stable Nigeria
Fidelity Bank Plc's ₦41.2 Billion Bond A- Jan 07 , 2023 Stable Nigeria
Access Bank Plc ₦15 billion Green Bond Aa- Dec 31 , 2022 Stable Nigeria
FSDH Funding SPV Plc Series I Bond A-
/A
Dec 04 , 2022 Stable Nigeria
Wema Funding SPV Plc’s Series II ₦17.7 billion bond Bbb Sep 10 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

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
Infrastructure Credit Guarantee Company Limited Aaa Jun 30 , 2023 Stable Nigeria
Development Bank of Nigeria Plc Aaa Jun 30 , 2023 Stable Nigeria
Bank of Industry Limited Aaa Sep 30 , 2022 Stable Nigeria

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited review in progress -- -- Nigeria

Funds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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
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
Coronation Fixed Income Fund A+/
FV4
Sep 13 , 2022 N/A Nigeria
Coronation Money Market Fund A+(f) Sep 13 , 2022 N/A 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

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
ARM Investment Managers Limited AA(IM) Jul 06 , 2023 N/A 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
MBO Capital Management Limited BBB+(IM) Nov 02 , 2022 Stable Nigeria
Coronation Asset Management Limited A-(IM) Sep 23 , 2022 Stable Nigeria

Insurance Companies

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Microfinance Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
NPF Microfinance Bank Plc A- Jun 30 , 2023 Stable Nigeria

Mortgage Institutions

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Jigawa Savings & Loans Limited SR 4 Jan 11 , 2023 N/A Nigeria
Infinity Trust Mortgage Bank Plc SR3 Dec 17 , 2022 N/A Nigeria
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 review in progress -- -- 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 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
CardinalStone Partners Group review in progress -- -- Nigeria
United Capital Plc review in progress -- -- Nigeria

Sovereigns & Supranationals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Shelter Afrique review in progress -- -- Kenya

Trustee Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited review in progress Aug 31 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

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