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All Ratings

Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Fidelity Bank Plc A Dec 31 , 2021 Stable Nigeria
Jaiz Bank Plc Bbb- Jun 30 , 2021 Stable Nigeria
Wema Funding SPV Plc Series II ₦17.7 billion 7-year Fixed Rate Bond Bbb Sep 10 , 2021 Negative Nigeria
FBNQuest Merchant Bank Limited A Jun 30 , 2021 Stable Nigeria
Unity Bank Plc Bb- Jun 30 , 2021 Stable Nigeria
Nova Merchant Bank Limited Watchlist -- N/A Nigeria
Keystone Bank B- Jun 30 , 2021 Stable Nigeria
FBN MB Funding SPV Plc’s Series 1 ₦5 billion Senior Unsecured Bond A Jun 30 , 2021 Stable Nigeria
Infrastructure Credit Guarantee Company Limited Aaa Jun 30 , 2021 Stable Nigeria
Access Bank Plc N30 billion 7-Year Fixed Rate Subordinated Unsecured Bond A+ Jun 30 , 2021 Stable Nigeria
Union Bank of Nigeria Series 1 and 2 Combined Issuance of N13.5 Billion Bond A- Jun 30 , 2021 Negative Nigeria
Access Bank Plc Aa- Jun 30 , 2021 Stable Nigeria
United Bank for Africa Plc Aa- Jun 30 , 2021 Stable Nigeria
FSDH Merchant Bank Limited A Jun 30 , 2021 Stable Nigeria
Rand Merchant Bank Nigeria Limited Aa- Jun 30 , 2021 Stable Nigeria
Wema Bank Plc Bbb- Jun 30 , 2021 Negative Nigeria
Union Bank of Nigeria Plc’s ₦30 billion, 10-year Fixed-Rate Direct Bond Bbb+ Jun 05 , 2021 Negative Nigeria
Providus Bank Plc Bb Jun 30 , 2021 Stable Nigeria
Union Bank of Nigeria Plc A- Jun 30 , 2021 Negative Nigeria
Coronation Merchant Bank Limited A+ Jun 30 , 2021 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Global Accelerex Limited A- Jun 30 , 2021 Stable Nigeria
UAC of Nigeria Plc A- Jun 30 , 2021 Stable Nigeria
Lafarge Africa Plc A- Jun 30 , 2021 Stable Nigeria
Flour Mills of Nigeria Plc A- Sep 30 , 2021 Stable Nigeria
Interswitch Limited Withdraw -- N/A Nigeria
UACN Property Development Company Plc B- Jun 30 , 2021 Stable Nigeria
Axxela Limited Bbb+ Jun 24 , 2021 Stable Nigeria
Nigerian Breweries Plc Aa- Jun 30 , 2021 Stable Nigeria

Corporate Bonds

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
C&I Leasing Plc’s 5-year ₦7 billion Series 1 Senior Secured Bond A- Jun 30 , 2021 Stable Nigeria
C & I Leasing Plc Group Bbb Jun 30 , 2021 Stable Nigeria

Funds & Investment Managers

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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
Legacy Money Market Fund A(f) Jun 23 , 2021 N/A Nigeria
GTI Asset Management & Trust Limited BBB-(IM) Jun 01 , 2021 N/A Nigeria

Insurance Companies

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Anchor Insurance Company Limited Bbb Jun 30 , 2021 Stable Nigeria
Unitrust Insurance Company Limited Bbb+ Jun 30 , 2021 Stable Nigeria
ZB Reinsurance Limited Bbb (ZWL) Jun 30 , 2021 Negative Zimbabwe
Consolidated Hallmark Insurance Plc Bbb Jun 30 , 2021 Stable Nigeria
WAPIC Insurance Plc Bbb Jun 30 , 2021 Stable Nigeria
Zenith General Insurance Company Limited A+ Jun 30 , 2021 Stable Nigeria

Microfinance Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Baobab Microfinance Bank Limited Bbb Jun 30 , 2021 Stable Nigeria
Mainstreet Microfinance Bank Limited Bbb- Jun 30 , 2021 Stable Nigeria
LAPO MFB SPV Plc’s ₦6.2 billion Series II 5-year 13% Fixed Rate Senior Unsecured Bond Bbb+ Jun 30 , 2021 Stable Nigeria
LAPO MFB SPV Plc’s ₦3.15 billion Series I 5-year 17.75% Fixed Rate Senior Unsecured Bond Bbb+ Jun 30 , 2021 Stable Nigeria
LAPO Microfinance Bank Limited Bbb+ Jun 30 , 2021 Stable Nigeria

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
Infinity Trust Mortgage Bank Plc Bbb+ Jun 30 , 2021 Stable Nigeria
Nigeria Mortgage Refinance Company Plc Series II ₦11 billion 15-Year Fixed Rate Secured Bond Aaa(NG) Jun 30 , 2021 Stable Nigeria
Total E&P Nigeria Multipurpose Staff Co-operative Society Limited A- Jun 30 , 2021 Stable Nigeria
Nigeria Mortgage Refinance Company Plc A+ Jun 30 , 2021 Stable 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
Coronation Registrars Limited Bbb+ Jun 30 , 2021 Stable Nigeria
Parthian Partners Limited Bbb Jun 30 , 2021 Stable Nigeria
United Capital Plc A- Jun 30 , 2021 Stable Nigeria
CardinalStone Partners Limited Bbb- Jun 30 , 2021 Stable Nigeria

Trustee Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Sovereigns & Supranationals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Africa Finance Corporation Aaa(NGA)... Jun 30 , 2021 Stable Nigeria
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