Rating Release

Agusto & Co. hereby affirms the “A-” rating assigned to NSP-SPV PowerCorp Plc’s ₦8.5 Billion 15-Year 15.6% Guaranteed Fixed Rate Senior Green Infrastructure Bond

The rating expires on 15 April 2024.

Agusto & Co. hereby affirms the “A-” rating assigned to NSP-SPV PowerCorp Plc’s (“NSP-SPVPowerCorp”, “the Issuer”, or “the Company”) ₦6.325 Billion 10-Year 12% Fixed Rate Senior Green Bond Due 2031 (“Series 2 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme. The rating mirrors the standalone rating of North South Power Limited (“North South Power” or “the Sponsor”) as its operating cash flows have been pledged as the primary source of repaying the Bond obligations. Furthermore, we believe that the funds held in the Debt Service Reserve Account (“Reserve Account” or “DSRA”), covering up to two semi-annual coupon and principal repayment obligations, act as a good buffer against unforeseen socio-economic pressures that could strain the Sponsor’s cash-generating capacity.

The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.