Rating Release

Agusto & Co. hereby affirms the “Aaa” rating assigned to GEL Utility Funding SPV Plc’s (“the Issuer”) ₦13 Billion Fifteen-Year 15.15% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond Due 2034 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme

The rating expires on 31 August 2026. 

Agusto & Co. hereby affirms the “Aaa” rating assigned to GEL Utility Funding SPV Plc’s (“the Issuer”) ₦13 Billion Fifteen-Year 15.15% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond Due 2034 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme. The rating affirmation is upheld by the irrevocable, unconditional and enforceable guarantees provided by Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “Co-Guarantor 1”) and The U.S. International Development Finance Corporation (DFC) (“DFC” or “Co-Guarantor 2”), which ensures the timely payment of coupon and principal obligations on the Series 1 Bond. InfraCredit has a “Aaa” rating from Agusto & Co.