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All Ratings

Banks

COMPANY RATING EXPIRY COUNTRY
Access Bank Plc’s ₦15 billion 5-year Fixed Rate Unsecured Green Bond Aa- Dec 31 , 2020 Nigeria
Unity Bank Plc Bb- Jun 30 , 2020 Nigeria
FBNQ MB Funding SPV Plc Series 1, ₦10 billion 3-year Fixed Rate Senior Unsecured Bond A Jun 30 , 2020 Nigeria
Union Bank of Nigeria Plc’s ₦13.5 billion Combined Series 1 and Series 2 Bond A- Jun 30 , 2020 Nigeria
Wema Bank plc Bbb- Jun 30 , 2020 Nigeria
Wema Funding SPV Plc’s ₦17.7 billion 7-year Fixed Rate Bond Bbb Sep 30 , 2020 Nigeria
Union Bank of Nigeria Plc’s ₦30 billion, 10-year Fixed-Rate Direct bond Bbb+ Jun 30 , 2020 Nigeria
FBNQuest Merchant Bank Limited A Jun 30 , 2020 Nigeria
Infrastructure Credit Guarantee Company Limited Aaa Jun 30 , 2020 Nigeria
Access Bank Plc’s ₦30 billion 7-year Fixed Rate Subordinated Unsecured Notes A+ Jun 30 , 2020 Nigeria
United Bank for Africa Plc Aa- Jun 30 , 2020 Nigeria
SunTrust Bank Nigeria Limited Bb Jun 30 , 2020 Nigeria
FSDH Merchant Bank Limited A Jun 30 , 2020 Nigeria
Rand Merchant Bank Nigeria Limited Aa- Jun 30 , 2020 Nigeria
Coronation Merchant Bank Limited A+ Jun 30 , 2020 Nigeria
Access Bank Plc Aa- Jun 30 , 2020 Nigeria
Union Bank of Nigeria Plc A- Jun 30 , 2020 Nigeria
Nova Merchant Bank Limited Bbb Jun 30 , 2020 Nigeria

Corporates

COMPANY RATING EXPIRY COUNTRY
Mixta Real Estate Plc Bb- Jun 30 , 2020 Nigeria
Flour Mills of Nigeria Plc Bbb Sep 30 , 2020 Nigeria
Interswitch Limited Aa Sep 30 , 2020 Nigeria
Axxela Limited Bbb+ Jun 30 , 2020 Nigeria
UAC of Nigeria Plc A- Jun 30 , 2020 Nigeria
UACN Property Development Company Plc B- Jun 30 , 2020 Nigeria
Mixta Real Estate Plc Bbb- Jun 30 , 2020 Nigeria
MTN Nigeria Communications Plc Aa+ Jun 30 , 2020 Nigeria

Corporate Bonds

COMPANY RATING EXPIRY COUNTRY
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
C&I Group Bbb Jun 30 , 2020 Nigeria
C&I Leasing Plc’s ₦600 million bond Bbb Jun 30 , 2020 Nigeria
C&I Leasing Plc’s ₦7 Billion Series 1 Bond A- Jun 30 , 2020 Nigeria

Funds & Investment Managers

COMPANY RATING EXPIRY COUNTRY
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
Africa Plus Partners BBB+(IM) May 31 , 2020 Nigeria

Insurance Companies

COMPANY RATING EXPIRY COUNTRY
Anchor Insurance Company Limited Bbb Jun 30 , 2020 Nigeria
Allianz Nigeria Insurance Plc Bbb+ Jun 30 , 2020 Nigeria
Zenith General Insurance Company Limited A+ Jun 30 , 2020 Nigeria
Saham Unitrust Insurance Nigeria Limited Bbb+ Jun 30 , 2020 Nigeria
Consolidated Hallmark Insurance Plc Bbb Jun 30 , 2020 Nigeria

Microfinance Banks

COMPANY RATING EXPIRY COUNTRY
Mainstreet Microfinance Bank Limited Bbb- Jun 30 , 2020 Nigeria
Parallex Microfinance Bank Limited Bbb Jun 30 , 2020 Nigeria
Baobab Microfinance Bank Limited Bbb Jun 30 , 2020 Nigeria

Mortgage Institutions

COMPANY RATING EXPIRY COUNTRY
Brent Mortgage Bank Limited SR4 Jul 25 , 2020 Nigeria
Brent Mortgage Bank Limited Bbb- Jun 30 , 2020 Nigeria
Nigeria Mortgage Refinance Company Aaa Jun 30 , 2020 Nigeria
Infinity Trust Mortgage Bank Plc Bbb+ Jun 30 , 2020 Nigeria
Nigeria Mortgage Refinance Company A+ Jun 30 , 2020 Nigeria
Infinity Trust Mortgage Bank Plc SR3 Aug 31 , 2020 Nigeria

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
United Capital Plc Bbb+ Jun 30 , 2020 Nigeria

Trustee Firms

COMPANY RATING EXPIRY COUNTRY
GTL Trustees Limited Bbb- Jun 30 , 2020 Nigeria

Sovereigns & Supranationals

COMPANY RATING EXPIRY COUNTRY
Africa Finance Corporation Aaa(NGN),.. Jun 30 , 2020 Nigeria
Bank of Industry Limited Aa Sep 30 , 2020 Nigeria
Infrastructure Credit Guarantee Company Limited Aaa Jun 30 , 2020 Nigeria