Rating Release
Agusto & Co. hereby affirms the “Aaa” rating assigned to LFZC Funding SPV Plc’s ₦17.5 Billion Bond
The rating expires on 16 March 2025
Agusto & Co. hereby affirms the “Aaa” rating assigned to LFZC Funding SPV Plc’s (“LFZC Funding SPV”, “the Issuer”, or “the Company”) ₦17.5 Billion 20-Year 15.25% Senior Guaranteed Fixed Rate Infrastructure Bond Due 2043 (“Series 3 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme. The rating mirrors the “Aaa” rating assigned to Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “the Guarantor”) based on the subsisting corporate guarantee arrangement that allows InfraCredit to step in and continue to fund the Payment Account should Lagos Free Zone Company (“the Co-Obligor” or “the Sponsor”) fail to do so within the specified time, thus shielding the Series 3 Bondholders from default risk.
