Agusto & Co. assigns ‘Aaa (NGA)’ rating, an ESG score of 2 and a stable outlook to Nigeria Sovereign Investment Authority.

Rating Category: Sovereigns & Supranationals

Agusto & Co. assigns ‘Aaa (NGA)’ rating, an ESG score of 2 and a stable outlook to Nigeria Sovereign Investment Authority.

Rating Release

Agusto & Co. assigns ‘Aaa (NGA)’ rating, an ESG score of 2 and a stable outlook to Nigeria Sovereign Investment Authority.

 The rating expires on 30 June 2023.

Agusto & Co. assigns ‘Aaa (NGA)’ rating to Nigeria Sovereign Investment Authority (‘NSIA or the Authority’) reflective of the credit rating of the Federal Republic of Nigeria (FGN) on our national rating scale. The NSIA is wholly owned by all the tiers of government in Nigeria. Given its ownership structure, we consider the Authority to be a government-backed institution. We have also assigned an ESG score of ‘2’ denoting that environmental, social and governance issues have minimal contributions to credit risk. The assigned rating also reflects the Authority’s strategic role in building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure and providing fiscal stability in periods of economic stress. However, constraining the rating is the Authority’s exposure to the Nigerian fragile macroeconomic climate though to an extent moderated by its investments in the United States treasury bills and other gilt edged securities.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.

Finance & Leasing

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Corporates

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African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

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