Agusto & Co. affirms Infrastructure Credit Guarantee Company Limited’s ‘Aaa’ rating, with a stable outlook.
The rating expires on 30 June 2023.
The “Aaa” rating assigned to Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “the Corporation”) recognises its developmental role and strategic importance in bridging Nigeria’s infrastructural gap. The rating also recognises the capital, governance and technical support provided by the equity and debt sponsors; Nigeria Sovereign Investment Authority, Africa Finance Corporation (rated Aaa (national rating) and Aa (FCY rating) by Agusto & Co), InfraCo Africa Investment Limited, Leadway Assurance Company Limited, GuarantCo Management Company Limited (rated A1 by Moody’s), the KfW Development Bank (rated Aaa by Fitch) and African Development Bank (rated Aaa by Moody’s).
InfraCredit’s rating also reflects the good quality of the Corporation’s guarantees and investment portfolios upheld by an acceptable risk management framework, good profitability during the review year and an experienced management team. However, the dearth of bankable infrastructure projects and the prevailing macroeconomic headwinds constrain the rating.