Rating Release
Agusto & Co. assigns an indicative “A” rating to NEN Infrastructure Limited’s ₦17.1 Billion 29% Fixed Rate Senior Guaranteed Series 2 Bond Due 2032, with a stable outlook
The rating expires on 31 May 2026.
Agusto & Co. hereby assigns an indicative “A” rating to the NEN Infrastructure Limited’s (“NENI”, “the Issuer”, “SPV” or “the Company”) ₦17.1 Billion 29% Fixed Rate Senior Guaranteed Series 2 Bond Due 2032 (“Bond”, “Series 2” or “the Issue”) under the ₦100 Billion Private Bond Issuance Programme. The assigned rating represents an upward notching of the standalone rating of Bauchi State Government (“the State” or “Guarantor”) on the back of the unconditional and continuing guarantee to the Bond, secured via an Irrevocable Standing Payment Order (ISPO) against its statutory allocation. The ISPO authorises a monthly remittance of ₦495 million to a Sinking Fund Account (SFA) towards meeting the Series 2 Bond obligations.
NEN Infrastructure Limited (NENI) is a private limited liability company incorporated in September 2023 as a special purpose vehicle (SPV) to raise funds from the debt capital market for infrastructure development in Bauchi State. The Company employs the Build-Operate-Transfer (BOT) and other public-private partnership (PPP) models to deliver critical infrastructure and promote sustainable development in the State.
