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 2025.
Agusto & Co. affirms the “Aaa” rating assigned to Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “the Corporation” or “the Company”). The strong support of shareholders upholds the rating; 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 and AIICO Insurance Plc. The long-term debt sponsors have also supported the Company’s activities; the KfW Development Bank (rated Aaa by Fitch) and African Development Bank (rated Aaa by Moody’s). The shareholders and long-term debt sponsors provide funding, a governance framework and other technical resources that have strengthened InfraCredit’s ability to support infrastructure projects. The Corporation’s good profitability, acceptable risk management framework, strong liquidity profile and stable management team are also positive rating factors. Nevertheless, the prevailing macroeconomic vagaries, which have adversely impacted infrastructure projects, have been considered to arrive at the rating.
