Rating Release
Agusto & Co. hereby affirms the “Aaa” rating assigned to NSP-SPV PowerCorp PLC’s (“NSP-SPV PowerCorp”, “the Issuer”, or “the Company”) ₦8.5 Billion 15-Year 15.6% Guaranteed Fixed Rate Senior Green Infrastructure Bond Due 2034
The rating expires on 27 February 2026
Agusto & Co. hereby affirms the “Aaa” rating assigned to NSP-SPV PowerCorp PLC’s (“NSP-SPV 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. This mirrors the “Aaa” rating of Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “the Guarantor”), whose irrevocable and unconditional guarantee overrides the standalone creditworthiness of North South Power Company Limited (“the Sponsor”, “NSP” or “the Co-Obligor”).
The Series 1 ₦8.5 billion Green Infrastructure Bond was issued in February 2019 at a coupon rate of 15.6% payable half-yearly over fifteen years, while the principal amount is being redeemed semi-annually throughout the lifetime of the Bond, starting 27 August 2019. The Series 1 Bonds constitute senior direct obligations of the Issuer and at all times, rank pari passu and without any preference or priority among themselves