Latest Ratings

Banks

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
Greenwich Merchant Bank Limited	Bbb	Jun 30 , 2023	Stable	Nigeria
Union Bank of Nigeria Plc	A-	Jun 30 , 2023	Stable	Nigeria
Nova Merchant Bank Limited	Bbb	Jun 30 , 2023	Stable	Nigeria
Keystone Bank Limited	B-	Jun 30 , 2023	Stable	Nigeria
Parallex Bank Limited	Bb-	Jun 30 , 2023	Stable	Nigeria
United Bank for Africa Plc	Aa-	Dec 31 , 2023	Stable	Nigeria
Unity Bank	Bb-	Jun 30 , 2023	Stable	Nigeria
Globus Bank	Bbb+	Jun 30 , 2023	Stable	Nigeria
Jaiz Bank Plc	Bbb	Jun 30 , 2023	Stable	Nigeria
FSDH Merchant Bank Limited	A /B-	Jun 30 , 2023	Stable	Nigeria
FBNQuest Merchant Bank Limited	A	Jun 30 , 2023	Stable	Nigeria
TAJBank Limited	Bbb	Jun 30 , 2023	Stable	Nigeria
Providus Bank Limited	Bbb-	Jun 30 , 2023	Stable	Nigeria
Rand Merchant Bank Nigeria Limited	Aa	Jun 30 , 2023	Stable	Nigeria
Coronation Merchant Bank	A+	Jun 30 , 2023	Stable	Nigeria
Access Bank Plc	Aa	Jun 30 , 2023	Stable	Nigeria
Wema Bank Plc	Bbb	Jun 30 , 2023	Stable	Nigeria

Bank Bonds

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
FSDH Funding SPV Plc’s Series I Bond	A-	Dec 04 , 2023	Stable	Nigeria
Union Bank of Nigeria Plc.’s ₦30 billion Bond	Bbb+	Jun 30 , 2023	N/A	Nigeria
Union Bank of Nigeria Plc. Series 2 7-year 15.75% Bond.	A-	Jun 30 , 2023	N/A	Nigeria
NOVAMBL Investments SPV Plc	Bbb-	May 20 , 2023	Stable	Nigeria
Wema Bank Funding SPV Plc’s Series II Bond	Bbb+	Sep 10 , 2023	Stable	Nigeria
FBNQ MB Funding SPV Plc.’s ₦5 billion Bond	A	Jun 30 , 2023	Stable	Nigeria
FBNQ MB Funding SPV Plc.’s ₦8 Billion Bond	A-	Jun 30 , 2023	Stable	Nigeria
Coronation MB Funding SPV Plc’s ₦25 billion Bond	A	Jun 30 , 2023	Stable	Nigeria
Access Bank Plc's ₦30 billion Bond	Aa-	Jun 30 , 2023	Stable	Nigeria

Corporates

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
North South Power Company Limited	A-	Jun 30 , 2023	Stable	Nigeria
African Foundries Limited	Bbb+	Jun 30 , 2023	Stable	Nigeria

Corporate Bonds

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
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
Bank of Industry Limited	Aaa	Sep 30 , 2023	Stable	Nigeria
Family Homes Sukuk Issuance Program Plc's Series I ₦10 billion	A+	Jul 15 , 2023	Stable	Nigeria
Family Homes Funds Limited	A	Jun 30 , 2023	Stable	Nigeria
Infrastructure Credit Guarantee Company Limited	Aaa	Jun 30 , 2023	Stable	Nigeria
Development Bank of Nigeria Plc	Aaa	Jun 30 , 2023	Stable	Nigeria

Finance & Leasing

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
FundQuest Financial Services Limited	Bbb-	Jun 30 , 2023	Stable	Nigeria
Fast Credit Limited	Bbb	Jun 30 , 2023	Stable	Nigeria
Citihomes Finance Company Limited	SR3	Nov 24 , 2023	Stable	Nigeria
Lukefield Finance Company Limited	Bbb-	Jun 30 , 2023	Stable	Nigeria
Credit Direct Limited	Bbb	Jun 30 , 2023	Stable	Nigeria

Funds

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
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
Norrenberger Money Market Fund	Bbb+(f)	Sep 19 , 2023	N/A	Nigeria
Legacy Money Market Fund	A+(f)	Sep 04 , 2023	N/A	Nigeria
GDL Money Market Fund	Bbb-(f)	Jun 16 , 2023	Stable	Nigeria
United Capital Money Market Fund	A(f)	Jul 14 , 2023	N/A	Nigeria
Coral Money Market Fund	Bbb+(f)	Jun 23 , 2023	N/A	Nigeria
First Ally Money Market Fund	A(f)	Apr 27 , 2023	N/A	Nigeria
ValuAlliance Money Market Fund	A+(f)	Mar 23 , 2023	N/A	Nigeria
Zenith Money Market Fund	A-(f)	Mar 21 , 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
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
Alpha Morgan Capital Managers Limited	BBB(IM)	Sep 14 , 2023	Stable	Nigeria
Africa Plus Partners Nigeria Limited	A-(IM)	Jul 14 , 2023	Stable	Nigeria
ARM Investment Managers Limited	AA(IM)	Jul 06 , 2023	Stable	Nigeria

Insurance Companies

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
Coronation Insurance Plc	Bbb+(GHA)/ Bbb(NGR)	Jun 30 , 2023	Stable	Nigeria
Unitrust Insurance Company Limited	Bbb+	Jun 30 , 2023	Stable	Nigeria
Consolidated Hallmark Insurance Plc	Bbb	Jun 30 , 2023	Stable	Nigeria
Zenith General Insurance Company Limited	A+	Jun 30 , 2023	Stable	Nigeria

Microfinance Banks

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
LAPO MFB SPV Plc’s Series II ₦6.2 Billion Bond	Bbb-	Mar 31 , 2023	Stable	Nigeria
LAPO Microfinance Bank Limited	Bbb-	Jun 30 , 2023	Stable	Nigeria
Baobab Microfinance Bank Nigeria Limited	Bbb+	Jun 30 , 2023	Stable	Nigeria
Accion Microfinance Bank Limited	Bbb+	Jun 30 , 2023	Stable	Nigeria
AB Microfinance Bank	A-	Jun 30 , 2023	Stable	Nigeria
NPF Microfinance Bank Plc	A-	Jun 30 , 2023	Stable	Nigeria

Mortgage Institutions

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
Infinity Trust Mortgage Bank Limited	SR3	Jan 19 , 2024	Stable	Nigeria
Infinity Trust Mortgage Bank Plc	Bbb+	Jun 30 , 2023	Stable	Nigeria
Nigeria Mortgage Refinance Company Plc’s Series III ₦10 Billion Bond	Aaa(NG)	Nov 02 , 2023	Stable	Nigeria
Abbey Mortgage Bank Plc	Bbb-	Jun 20 , 2023	Stable	Nigeria
Nigeria Mortgage Refinance Company Plc	Aa	Jun 30 , 2023	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
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
Coronation Securities Limited	Bbb	Jun 30 , 2023	Stable	Nigeria
CardinalStone Financing SPV Plc’s Series I ₦5 billion Bond	Bbb	Dec 31 , 2023	Stable	Nigeria
DLM Capital Group Limited	Bbb-	Jun 30 , 2023	Stable	Nigeria
TrustBanc Holdings Limited	Bbb-	Jun 30 , 2023	Stable	Nigeria
Stanbic IBTC Ventures Limited	A+	Jun 30 , 2023	Stable	Nigeria
United Capital Plc's Series I ₦10 Billion Bond	A-	May 29 , 2023	Stable	Nigeria
CardinalStone Partners Limited	Bbb	Jun 30 , 2023	Stable	Nigeria
United Capital Plc's Series II ₦11.7 Billion Bond	A-	Aug 29 , 2023	Stable	Nigeria
Parthian Partners Funding SPV Plc’s ₦10 billion Bond	Bbb-	Jul 27 , 2023	Stable	Nigeria
Lotus Capital Limited	Bbb	Jun 30 , 2023	Stable	Nigeria
United Capital Plc	A-	Jun 30 , 2023	Stable	Nigeria
Comercio Partners Limited	Bbb	Jun 30 , 2023	Stable	Nigeria
Parthian Partners Limited	Bbb	Jun 30 , 2023	Stable	Nigeria

Sovereigns & Supranationals

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
Shelter Afrique's Series I ₦27.18 Billion & ₦18.82 Billion Bonds	A+(ngr)	Apr 19 , 2023	Stable	Nigeria
Africa Finance Corporation	Aaa (NGA) / Aa	Jun 30 , 2023	Stable	Nigeria
Shelter Afrique	A(ken) / A+(ngr)	Jun 30 , 2023	Stable	Nigeria
Nigeria Sovereign Investment Authority.	Aaa (NGA)	Jun 30 , 2023	Stable	Nigeria

Trustee Firms

COMPANY	RATING	EXPIRY	OUTLOOK	COUNTRY
Greenwich Trustees Limited	Bbb	Jun 30 , 2023	Stable	Nigeria

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