Rating Release

Agusto & Co. affirms the “Aaa’’ rating assigned to PAT Digital Infra Fund SPV PLC, with a stable outlook 

The rating expires on 2 February 2026.

 Agusto & Co. hereby affirms the “Aaa” rating assigned to PAT Digital Infra Fund SPV PLC’s (“PAT Digital Infra Fund SPV” or “the Issuer”) ₦10 Billion 10-Year 13.25% Senior Fixed Rate Guaranteed Infrastructure Bond Due 2032 (Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme. The rating is premised on the subsisting irrevocable, unconditional and enforceable undertaking provided by the Infrastructure Credit Guarantee Company Limited (“InfraCredit or the Guarantor), which ensures prompt payment of the coupon and principal due on the Series 1 Bond, reflecting the low credit risk associated with the Issue. InfraCredit is rated “Aaa” by Agusto & Co. with a stable outlook. The Guarantor’s rating reflects its good profitability, acceptable risk management framework, strong liquidity profile, stable management team, and robust support from its shareholders and long-term debt sponsors. InfraCredit’s equity holders and long-term debt sponsors also provide a robust corporate governance framework and technical backing that have continued to strengthen its ability to support infrastructure projects.

In February 2022, PAT Digital Infra Fund SPV PLC raised a ₦10 billion 10-Year Senior Guaranteed Infrastructure Bond under the ₦50 billion Bond Issuance Programme. Pan African Towers Limited (“PAT”, “the Company” or the “Co-Obligor”) used the net proceeds from the Bond to expand its cell site network, lower its carbon footprint by replacing diesel generators with renewable energy systems across both new and existing sites, and to meet its working capital needs. The Bond is fully guaranteed by InfraCredit and attracts a 13.25% fixed coupon rate payable on 2 February and 2 August, while the principal repayment commenced on 2 August 2024 after the expiration of the two-year moratorium.