Rating Release

Agusto & Co. affirms the ‘Aaa’ rating assigned to GPC-SPV Company PLC’s ₦20 Billion, Ten-Year 13% Series 1 Senior Guaranteed Fixed Rate Bond Due 2031, with a stable outlook

The rating expires on 23 November 2024.

Agusto & Co. hereby affirms the “Aaa” rating assigned to GPC-SPV Company PLC’s (“the Issuer”) ₦20 Billion Ten-Year 13% Series 1 Senior Guaranteed Fixed Rate Bond Due 2031 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Programme. The rating affirmation is hinged on the irrevocable, unconditional and enforceable undertaking of the Infrastructure Credit Guarantee Company Limited (“Infracredit” or the “Guarantor”) to guarantee the prompt payment of the coupon and principal due on the Series 1 Bond. Agusto & Co did not appraise the financial condition of GPC Energy and Logistics Limited (“GPC”, or “the Sponsor”) but has based the rating affirmation on the credit quality of InfraCredit due to the subsisting guarantee arrangement that promises the full and timely payment of the Series 1 Bond obligations. InfraCredit is rated “Aaa” by Agusto & Co. with a stable outlook, reflecting its impeccable financial condition and overwhelming capacity to meet obligations.