Rating Release 

Agusto & Co. affirms the “Aaa” (long term) and “A1+” (short term) ratings assigned to Infrastructure Credit Guarantee Company Plc, with a “stable” outlook. 

The rating expires on 30 June 2026 

Agusto & Co. affirms the “Aaa” (long term) and “A1+” (short term) ratings assigned to Infrastructure Credit Guarantee Company Plc (“InfraCredit” or “the Corporation” or “the Company”), reflecting good capitalisation levels on the back of the strong support from the main shareholders – Nigeria Sovereign Investment Authority (rated “Aaa” by Agusto & Co), Africa Finance Corporation (rated “Aaa” (national rating) and “Aa” (FCY rating) by Agusto & Co). During the year under review, three shareholders collectively injected an additional ₦18.7 billion, bolstering the Corporation’s capital base and reinforcing the strong shareholders’ support. InfraCredit’s good profitability, nil called guarantee and strong liquidity profile are also considered as positive rating factors. Nevertheless, the prevailing macroeconomic vagaries, which have adversely impacted some infrastructure projects, concentration in the guarantee portfolio and the volatile foreign currency revaluation gains have been considered in arriving at the rating. We have also attached a “2” ESG score to the rating, reflecting our view that environmental, social, and governance issues have minimal impact on InfraCredit’s credit profile.