Ratings Release

List of Current Ratings

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

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

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
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

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

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria