Rating Release

Agusto & Co. affirms the ‘Aaa’ rating assigned to Infrastructure Credit Guarantee Company Limited, with a stable outlook

The rating expires on 30 June 2024.

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 takes cognisance of the capital, governance and technical support provided by the equity and debt sponsors; Nigeria Sovereign Investment Authority (rated Aaa by Agusto & Co), 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 and an experienced management team. However, weak macroeconomic fundamentals in addition to a few bankable and eligible infrastructure projects constrained the rating.