Rating Release
Agusto & Co. hereby affirms the “Aaa” rating assigned to NSP-SPV PowerCorp Plc’s ₦6.325 Billion 10-Year 12% Fixed Rate Senior Green Bond
The rating expires on 27 February 2024.
Agusto & Co. hereby affirms the “Aaa” rating assigned to NSP-SPV PowerCorp Plc’s (“NSPSPV PowerCorp”, “the Issuer”, or “the Company”) ₦8.5 Billion 15-Year 15.6% Guaranteed Fixed Rate Senior Green Infrastructure Bond Due 2034 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme. The rating mirrors the “Aaa” rating of Infrastructure Credit Guarantee Company Limited1 (“InfraCredit” or “the Guarantor”) under our credit substitution criteria for guaranteed instruments. This is irrespective of our assessment of the financial condition of North South Power Company Limited (“the Sponsor” or “the Co-Obligor”) as the subsisting corporate guarantee from InfraCredit acts as an overriding single factor for the rating equalisation.
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.
