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All Ratings

Banks

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
FBN MB Funding SPV Plc’s Series 1 ₦5 billion Senior Unsecured BondAJun 30 , 2021StableNigeria
Infrastructure Credit Guarantee Company LimitedAaaJun 30 , 2021StableNigeria
Access Bank Plc N30 billion 7-Year Fixed Rate Subordinated Unsecured BondA+Jun 30 , 2021StableNigeria
Union Bank of Nigeria Series 1 and 2 Combined Issuance of N13.5 Billion BondA-Jun 30 , 2021NegativeNigeria
Zenith General Insurance Company LimitedA+Jun 30 , 2021StableNigeria
Access Bank PlcAa-Jun 30 , 2021StableNigeria
United Bank for Africa PlcAa-Jun 30 , 2021StableNigeria
FSDH Merchant Bank LimitedAJun 30 , 2021StableNigeria
Rand Merchant Bank Nigeria LimitedAa-Jun 30 , 2021StableNigeria
Wema Bank PlcBbb-Jun 30 , 2021NegativeNigeria
Union Bank of Nigeria Plc’s ₦30 billion, 10-year Fixed-Rate Direct BondBbb+Jun 05 , 2021NegativeNigeria
Providus Bank PlcBbJun 30 , 2021StableNigeria
Nova Merchant Bank LimitedBbbJun 30 , 2021StableNigeria
Union Bank of Nigeria PlcA-Jun 30 , 2021NegativeNigeria
Coronation Merchant Bank LimitedA+Jun 30 , 2021StableNigeria
Access Bank Plc’s ₦15 billion 5-year Fixed Rate Unsecured Green BondAa-Dec 31 , 2020StableNigeria
Wema Funding SPV Plc’s ₦17.7 billion 7-year Fixed Rate BondBbbSep 30 , 2020NegativeNigeria

Corporates

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
Axxela LimitedBbb+Jun 30 , 2021StableNigeria
Nigerian Breweries PlcAa-Jun 30 , 2021StableNigeria
Flour Mills of Nigeria PlcBbbSep 30 , 2020StableNigeria
Interswitch LimitedAaSep 30 , 2020StableNigeria

Corporate Bonds

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
CERPAC Receivables Funding SPV Plc’s Up To ₦25 Billion Fixed Rate BondA+sfJan 31 , 2021StableNigeria
Mixta Real Estate Plc’s ₦4.5 Billion 17% Five-Year Fixed Rate Senior Guaranteed Bond Due 2022AaaSep 30 , 2020StableNigeria
Mixta Real Estate Plc’s ₦2.961 Billion 16.5% Five-Year Fixed Rate Senior Guaranteed Bond Due 2023AaaSep 30 , 2020StableNigeria
Interswitch Africa One Plc’s ₦23 Billion 7-Year 15% Fixed Rate Series 1 Senior Unsecured Callable Bonds Due 2026Aa-Oct 30 , 2020StableNigeria
Nigerian Aviation Handling Company Plc.’s ₦2.05 billion Bond - Series II BondBbb+Sep 30 , 2020StableNigeria
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027AaaDec 31 , 2027StableNigeria
Mixta Real Estate Plc’s ₦4.5 Billion 17% Five-Year Fixed Rate Senior Guaranteed Bond Due 2022 (Series 1) AaaOct 31 , 2022StableNigeria
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 , 2023StableNigeria
Mixta Real Estate Plc’s ₦2.961 Billion 16.5% Senior Guaranteed Five-Year Fixed Rate Bonds Due 2023 (Series 2 Tranche A) AaaJan 31 , 2023StableNigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1AaaDec 31 , 2033StableNigeria

Finance & Leasing

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
No Current Ratings

Funds & Investment Managers

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
Coronation Fixed Income FundA+(f)/FV5Aug 31 , 2021-Nigeria
Coronation Money Market FundA(f)Aug 10 , 2021N/ANigeria
Legacy Money Market FundA(f)Jun 23 , 2021N/ANigeria
GTI Asset Management & Trust LimitedBBB-(IM)Jun 01 , 2021N/ANigeria
Zenith Money Market FundA-(f)Mar 31 , 2021N/ANigeria
United Capital Money Market FundA-(f)Apr 14 , 2021N/ANigeria
SCM Capital Asset Management LimitedBBB-(IM)May 06 , 2021StableNigeria
AXA Mansard Money Market FundA(f)Apr 28 , 2021N/ANigeria
Legacy Debt FundA+(f)/FV3Mar 31 , 2021N/ANigeria
Chapel Hill Denham Money Market FundA(f)Apr 02 , 2021N/ANigeria
GDL Money Market FundBbb(f)Apr 03 , 2021N/ANigeria
ARM Investment Managers LimitedAA(IM)Apr 28 , 2021NegativeNigeria
FBNQuest FundsA-(IM)Apr 07 , 2021N/ANigeria
Abacus Money Market FundA(f)Feb 28 , 2021N/ANigeria
First Ally Asset Management LimitedBbb+(IM)Mar 31 , 2021N/ANigeria
FSDH Treasury Bills FundA(f)Jan 31 , 2021N/ANigeria
Cordros Money Market FundA-(f)Feb 28 , 2021N/ANigeria
First Trustees ARM Money Market FundAa(f)Dec 31 , 2020N/ANigeria
Stanbic IBTC Money Market FundAa(f)Dec 23 , 2020N/ANigeria
First Ally Money Market Fund A(f)Dec 15 , 2020N/ANigeria
FBN Money Market FundAa-(f)Dec 05 , 2020N/ANigeria
Chapel Hill Denham Management LimitedA(IM)Nov 07 , 2020N/ANigeria

Insurance Companies

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
WAPIC Insurance PlcBbbJun 30 , 2021StableNigeria

Microfinance Banks

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
No Current Ratings

Mortgage Institutions

Municipal Bonds

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
Niger State Government of Nigeria 17% ₦7 Billion (formerly ₦12 billion 14% Bond)A-Dec 31 , 2021StableNigeria
Niger State Government of Nigeria 17% ₦3.4 Billion (formerly ₦9 billion 14% Bond)A-Oct 31 , 2021StableNigeria
Lagos Sate Government’s ₦97.3 billion Series II Tranches I-IV BondAa-Dec 31 , 2027StableNigeria
Lagos State's 16.5% ₦47 Billion BondAa-Dec 31 , 2023StableNigeria
Ekiti State's 14.5% ₦5 Billion BondSUSPENDEDDec 31 , 2022StableNigeria
Zamfara State’s 17% ₦7.00 Billion BondBBBApr 30 , 2022StableNigeria
Kogi State's 17% ₦3 Billion BondBbb+Mar 31 , 2025StableNigeria
Plateau State’s 17.5% ₦28.2 billion BondBbbMar 30 , 2022StableNigeria
Benue State’s 16.5% N4.95 billion Bond Bbb+Feb 27 , 2022StableNigeria
Gombe State's 16% ₦5 Billion BondBbb+Feb 19 , 2022StableNigeria
Oyo State’s 16.5% ₦4.80 Billion BondA-Feb 16 , 2022StableNigeria
Bauchi State's 16.5% ₦10.4 Billion Bond (Formerly ₦15 Billion Bond) Bbb+Dec 31 , 2026StableNigeria
Kogi State’s 15% ₦5 billion BondBbb+Dec 31 , 2023StableNigeria
Lagos State's 13.5% ₦87.5 Billion BondAa-Nov 30 , 2020StableNigeria
Osun Sukuk Company Plc’s 14.75% ₦11.4 Billion Sukuk Al IjarahBbb-Oct 31 , 2020StableNigeria
Gombe State's 16% ₦12.5 Billion Bond (formerly ₦20 Billion Bond)Bbb+Dec 31 , 2023StableNigeria

Securities & Investment Firms

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
CardinalStone Partners LimitedBbb-Jun 30 , 2021StableNigeria

Trustee Firms

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
No Current Ratings

Sovereigns & Supranationals

COMPANYRATINGEXPIRYOUTLOOKCOUNTRY
Bank of Industry LimitedAaSep 30 , 2020Nigeria