Rating Release

Agusto & Co. hereby affirms the “Aaa” rating assigned to PAT Digital Infra Fund SPV PLC’s (“PAT Digital Infra Fund SPV” or “the Issuer”) ₦10 Billion 10-Year 13.25% Senior Fixed Rate Guaranteed Infrastructure Bond Due 2032 (Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme.

The rating expires on 2 February 2026. 

Agusto & Co. hereby affirms the “Aaa” rating assigned to PAT Digital Infra Fund SPV PLC’s (“PAT Digital Infra Fund SPV” or “the Issuer”) ₦10 Billion 10-Year 13.25% Senior Fixed Rate Guaranteed Infrastructure Bond Due 2032 (Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme. The rating is premised on the subsisting irrevocable, unconditional and enforceable undertaking provided by the Infrastructure Credit Guarantee Company Limited (“InfraCredit or the Guarantor), which ensures prompt payment of the coupon and principal due on the Series 1 Bond, reflecting the low credit risk associated with the Issue. InfraCredit is rated “Aaa” by Agusto & Co. with a stable outlook. The Guarantor’s rating reflects its good profitability, acceptable risk management framework, strong liquidity profile, stable management team and robust support from its shareholders and long-term debt sponsors. InfraCredit’s equity holders and long-term debt sponsors also provide a robust corporate governance framework and technical backing that have continued to strengthen its ability to support infrastructure projects.