Rating Release

Agusto & Co. hereby affirms the “Aaa” rating assigned to TSL SPV Plc’s (“TSL SPV” or “the Issuer”) ₦12 Billion 10-Year 10% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond Due 2030 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Medium Term Note Programme

The rating expires on 6 October 2026. 

Agusto & Co. hereby affirms the “Aaa” rating assigned to TSL SPV Plc’s (“TSL SPV” or “the Issuer”) ₦12 Billion 10-Year 10% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond Due 2030 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Medium Term Note Programme. This rating affirmation is based on the subsisting irrevocable, unconditional, and enforceable guarantee provided by Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “the Guarantor”), ensuring the timely payment of coupon and principal obligations on the Bond. The Guarantor is rated “Aaa” by Agusto & Co with a stable outlook.