Rating Release

Agusto & Co. hereby affirms the “A” rating assigned to Greenland Growth SPV Limited’s ₦27.26 Billion Seven-Year 15% Secured Fixed Rate Series 1 Note Due 2028, with a stable outlook. 

The rating expires on 12 July 2027. 

Agusto & Co. hereby affirms the “A” rating assigned to Greenland Growth SPV Limited’s (“Greenland”, “the Issuer”, “the SPV” or “the Company”) ₦27.26 Billion Seven-Year 15% Secured Fixed Rate Series 1 Note Due 2028 (“Note”, “Bond”, “Series 1 Note” or “the Issue”) under the ₦35 billion Notes Issuance Programme. This rating affirmation reflects the stability in Kwara State Government’s (“KWSG”, “Kwara State” or “the Guarantor”) fiscal position, supported by higher statutory allocations following the removal of petrol subsidies and the unification of exchange rates. The assigned rating is further bolstered by the continuous fulfilment of an Irrevocable Standing Payment Order (ISPO) authorising a monthly deduction of ₦559.2 million (previously ₦632.2 million) as a first-line charge from Kwara State’s statutory allocation to meet the Series 1 Note obligations.

In July 2021, Greenland Growth SPV Limited (a special purpose vehicle sponsored by the Kwara State Government) raised ₦27.26 billion through a Series 1 Note issuance to support the development of designated infrastructure projects in Kwara State. The Issue has a 15% fixed coupon rate payable semi-annually on the twelfth day of January and July every year, while the principal is being redeemed biannually until the Note’s maturity in July 2028.