Latest Ratings

Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Union Bank of Nigeria Plc A- Sep 30 , 2024 Stable Nigeria
Coronation MB Funding SPV Plc Bbb+ Jun 30 , 2024 Stable Nigeria
FBNQuest Merchant Bank Limited A Jun 30 , 2024 Stable Nigeria
Globus Bank Limited A- Jun 30 , 2024 Stable Nigeria
Lotus Bank Limited Bbb- Jun 30 , 2024 Stable Nigeria
FSDH Merchant Bank Limited A /B- Jun 30 , 2024 Stable Nigeria
Polaris Bank Limited Bbb- Jun 30 , 2024 Stable Nigeria
Fidelity Bank Plc A Jun 30 , 2024 Stable Nigeria
Wema Bank Plc Bbb Jun 30 , 2024 Stable Nigeria
Providus Bank Limited Bbb- Jun 30 , 2024 Stable Nigeria
Access Bank Plc Aa Jun 30 , 2024 Stable Nigeria
Greenwich Merchant Bank Limited Bbb+ Jun 30 , 2024 Stable Nigeria
Rand Merchant Bank Nigeria Limited Aa Jun 30 , 2024 Stable Nigeria
United Bank for Africa Plc Aa- Dec 31 , 2023 Stable Nigeria

Bank Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Agusto & Co. hereby maintains the ‘Bbb+’ rating assigned to Union Bank of Nigeria Plc’s ₦30 billion Bond Bbb+ Jun 27 , 2024 Stable Nigeria
Fidelity Bank Plc’s ₦41.2 Billion Bond A- Jan 07 , 2024 Stable Nigeria
Access Bank Plc.’s ₦15 billion bond Aa Dec 31 , 2023 Stable Nigeria
FSDH Funding SPV Plc’s Series I Bond A- Dec 04 , 2023 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Lagos State Government Aa- Sep 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
AFIL SPV Plc Asset Backed Commercial Paper S3sf Dec 31 , 2023 Stable Nigeria
Flour Mills Nigeria Plc's ₦20 billion Series 3 Bonds (Tranche A & B) A- Feb 29 , 2024 Stable Nigeria
Flour Mills of Nigeria Plc up to ₦40 billion 3-Year Fixed Rate Senior Unsecured Bond Due 2026 A- Dec 31 , 2023 Stable Nigeria
LFZC Funding SPV Plc’s up to ₦25 Billion 20-Year Senior Guaranteed Fixed Rate Infrastructure Bond Due 2042 Aaa Mar 31 , 2024 Stable Nigeria
Eat & Go Finance SPV Plc’s ₦11.5 Billion 14.25% Seven-Year Fixed Rate Senior Unsecured Bond Due 2026 Withdrawn -- -- Nigeria
Sundry Foods Funding SPV Plc’s ₦2.5 Billion 5-Year 13.5% Series 1 Fixed Rate Bond Due 2026 A- Dec 31 , 2023 Stable Nigeria
TSL SPV Plc’s ₦12 Billion 10-Year 10% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond Due 2030 Aaa Oct 31 , 2023 Stable Nigeria
BUA Cement Plc's ₦115 billion 7.5% Seven-Year Senior Unsecured Fixed Rate Bond Due 2027 A+ Dec 31 , 2023 Stable Nigeria
NCNR SPV Limited’s ₦10.5 Billion 14% Fixed Rate Series 1 Bond Due 2027 A- Sep 30 , 2023 Stable Nigeria
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
Shelter Afrique A(ken)/
A+(ngr)
Jun 30 , 2024 Stable Nigeria
 Family Homes Sukuk Issuance Program Plc’s Series I ₦10 billion Sukuk Aa- Jul 15 , 2024 Stable Nigeria
Family Homes Funds Limited A+ Jun 30 , 2024 Stable Nigeria
Development Bank of Nigeria Plc Aaa Jun 30 , 2024 Stable Nigeria
Bank of Industry Limited Aaa Sep 30 , 2023 Stable Nigeria

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited Bbb Jun 30 , 2024 Stable Nigeria
Fast Credit Limited Bbb Jun 30 , 2024 Stable Nigeria
Citihomes Finance Company Limited SR3 Nov 24 , 2023 Stable Nigeria

Funds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Stanbic IBTC Money Market Fund. Aa-(f) Dec 31 , 2023 N/A Nigeria
GDL Money Market Fund Bbb-(f) Jul 02 , 2024 N/A Nigeria
First Ally Money Market Fund A(f) Jun 25 , 2024 N/A Nigeria
Cordros Money Market Fund Bbb+(f) Mar 05 , 2024 N/A Nigeria
Zedcrest Money Market Fund Bbb+(f) Apr 24 , 2024 Stable Nigeria
ValuAlliance Money Market Fund A+(f) Apr 02 , 2024 N/A Nigeria
Chapel Hill Denham Money Market Fund A+(f) Mar 26 , 2024 N/A Nigeria
Zenith Money Market Fund A-(f) Mar 23 , 2024 N/A Nigeria
Coronation Fixed Income Fund A+(f)/FV4 Feb 19 , 2024 N/A Nigeria
Coronation Money Market Fund A+(f) Dec 31 , 2023 N/A Nigeria
Vetiva Money Market Fund A+(f) Dec 15 , 2023 N/A Nigeria
First Trustees ARM Money Market Fund Aa-(f) Dec 07 , 2023 N/A Nigeria
AXA Mansard Money Market Fund A+(f) Nov 06 , 2023 N/A Nigeria
Abacus Money Market Fund A(f) Dec 13 , 2023 N/A Nigeria
Meristem Money Market Fund A(f) Dec 20 , 2023 N/A Nigeria
Anchoria Money Market Fund Bbb-(f) Dec 04 , 2023 N/A Nigeria
FBN Money Market Fund Aa-(f) Dec 31 , 2023 N/A Nigeria
EDC Nigeria Money Market Fund A(f) Oct 05 , 2023 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
Norrenberger Investment and Capital Management Limited BBB(IM) Sep 06 , 2024 Stable Nigeria
Emerging Africa Asset Management Limited BBB(IM) Jul 12 , 2024 Stable Nigeria
Trium Limited BBB+(IM) Apr 13 , 2024 Stable Nigeria
ARM Investment Managers Limited AA(IM) Jul 26 , 2024 Stable Nigeria
AVA Global Asset Managers Limited BBB(IM) Mar 08 , 2024 N/A Nigeria
MBO Capital Management Limited A-(IM) Dec 31 , 2023 Stable Nigeria
Chapel Hill Denham Management Limited A+(IM) Jan 16 , 2024 N/A Nigeria
First Ally Asset Management Limited BBB+(IM) Dec 31 , 2023 Stable Nigeria
GDL Asset Management Limited BBB+(IM) Dec 31 , 2023 Stable Nigeria
United Capital Asset Management Limited A(IM) Dec 31 , 2023 Stable Nigeria
FCMB Asset Management Limited A-(IM) Dec 31 , 2023 Stable Nigeria
FBNQuest Funds Limited A-(IM) Dec 31 , 2023 Stable Nigeria
Coronation Asset Management Limited A-(IM) Dec 31 , 2023 Stable Nigeria
FBNQuest Asset Management Limited A+(IM) Dec 06 , 2023 Stable Nigeria
Afrinvest Asset Management Limited A-(IM) Nov 02 , 2023 N/A Nigeria

Insurance Companies

COMPANY RATING EXPIRY OUTLOOK COUNTRY
NEM Insurance Plc A+ Jun 30 , 2024 Stable Nigeria

Microfinance Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
AB Microfinance Bank Limited A- Jun 30 , 2024 Stable Nigeria
Infinity Microfinance Bank Limited Bbb Jun 30 , 2024 Stable Nigeria
Accion Microfinance Bank Limited Bbb+ Jun 30 , 2024 Stable Nigeria

Mortgage Institutions

COMPANY RATING EXPIRY OUTLOOK COUNTRY
AG Mortgage Bank Plc Bb Jun 30 , 2024 Stable Nigeria
Nigeria Mortgage Refinance Company Plc’s Series II ₦11 Billion Bond Aaa(NG) Mar 15 , 2024 Stable Nigeria
Nigeria Mortgage Refinance Company Plc Aa Jun 30 , 2024 Stable Nigeria
Infinity Trust Mortgage Bank Limited SR3 Jan 19 , 2024 Stable Nigeria
Nigeria Mortgage Refinance Company Plc’s Series III ₦10 Billion Bond Aaa(NG) Nov 02 , 2023 Stable Nigeria

Municipals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Edo State Government Bbb- Sep 30 , 2023 Stable Nigeria
Lagos State Government Aa- Sep 30 , 2023 Stable Nigeria
Ogun State Government Bbb+ Sep 30 , 2023 Stable Nigeria

Municipal Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Plateau State Government’s ₦16.1 billion Bond Bbb Sep 30 , 2023 Stable Nigeria
Gombe State Government’s  ₦12,554,665,715 Seven-Year 16% Fixed Rate Series 1 Bond Due 2023 Bbb+ Sep 30 , 2023 Stable Nigeria
Kogi State Government’s ₦3 billion Bond Bbb+ Sep 30 , 2023 Stable Nigeria
Kogi State Government’s ₦5 billion Bond Bbb+ Dec 31 , 2023 Stable Nigeria
Lagos State Government’s up to ₦14.815 Billion Series III: 5-Year Fixed Rate Green Bond Due 2027 Aa Dec 31 , 2023 Stable Nigeria
Bauchi State Government’s ₦10.4 billion Series 1 Bond Bbb+ Sep 30 , 2023 Stable Nigeria
Lagos State Infrastructure Sukuk SPV Plc’s up to ₦20 Billion Seven-Year Fixed Return Forward-Ijarah Lease Sukuk Due 2029 Aa Sep 30 , 2023 Stable Nigeria
Lagos State Government’s up to ₦100 Billion Series I: 10-Year Fixed Rate Bond Due 2032 Aa Sep 30 , 2023 Stable Nigeria
Lagos State Government's ₦137.3 Billion Series IV 10-Year 13% Fixed Rate Bond Due 2031 Aa Sep 30 , 2023 Stable Nigeria
Lagos State Government's ₦100 billion 12.25% Ten-Year Fixed Rate Series III Bond Due 2030 Aa Sep 30 , 2023 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
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
Parthian Partners Limited Bbb Jun 30 , 2024 Stable Nigeria
United Capital Plc A- Jun 30 , 2024 Negative Nigeria
Parthian Partners Funding SPV Plc’s ₦10 Billion Bond Bbb Jul 27 , 2024 Stable Nigeria
Marathon Asset and Fund Management Limited Bbb- Apr 30 , 2024 Stable Nigeria
CardinalStone Financing SPV Plc’s Series I ₦5 billion Bond Bbb Dec 31 , 2023 Stable Nigeria

Sovereigns & Supranationals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Trustee Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Greenwich Trustees Limited Bbb Jun 30 , 2024 Stable Nigeria
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Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited Bbb Jun 30 , 2024 Stable Nigeria
Fast Credit Limited Bbb Jun 30 , 2024 Stable Nigeria
Citihomes Finance Company Limited SR3 Nov 24 , 2023 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Lagos State Government Aa- Sep 30 , 2023 Stable Nigeria