Rating Release
Agusto & Co. affirms the “Aaa” rating assigned to LFZC Funding SPV Plc’s ₦17.5 Billion 20-Year 15.25% Series 3 Senior Guaranteed Fixed Rate Infrastructure Bond Due 2043
The rating expires on 4 March 2027.
Agusto & Co. hereby affirms the “Aaa” long-term credit rating assigned to LFZC Funding SPV Plc’s ₦17.5 Billion 20-Year 15.25% Series 3 Senior Guaranteed Fixed Rate Infrastructure Bond Due 2043 (“Series 3 Bond” or ” the Bond”), under its ₦50 Billion Bond Issuance Programme. The rating affirmation is predicated on the irrevocable and unconditional guarantee (“the Guarantee”) provided by Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “the Guarantor”). Pursuant to the terms of the Guarantee, InfraCredit is obligated to fund the Payment Account should Lagos Free Zone Company (“the Sponsor” or “the Co-Obligor”) fail to do so within the stipulated period, thereby ensuring the full and timely discharge of all coupon and principal obligations to Series 3 Bondholders. In July 2025, Agusto & Co. affirmed InfraCredit’s “Aaa” rating, underpinned by its adequate profitability, sound risk management framework, robust liquidity position, stable leadership, and the demonstrated commitment of its shareholders and long-term debt sponsors — factors that collectively sustain a strong corporate governance framework and the technical capacity necessary to support infrastructure credit across Nigeria.
Lagos Free Zone Company (LFZC) is the developer and operator of the Lagos Free Zone, Nigeria’s first privately owned free zone, strategically located along the Lekki Corridor in Lagos and integrated with the Lekki Deep Sea Port. The zone is a master-planned, multi-cluster industrial hub with approximately USD 2.7 billion in employed capital, serving sectors including FMCG, pharmaceuticals, chemicals, engineering, and logistics. LFZC finances its infrastructure development through its special purpose vehicle, LFZC Funding SPV PLC, which has an active debt issuance programme listed on the FMDQ Exchange. The zone is promoted by the Tolaram Group and offers businesses world-class infrastructure, tax incentives, and direct access to regional and global markets through its integrated port operations.