Rating Release

Agusto & Co. hereby affirms the “Aaa” rating to Craneburg EKSG Motorway Company PLC’s ₦32.5 Billion 20-Year 22% Senior Guaranteed Fixed Rate Infrastructure Bond Due 2045, with a stable outlook 

The rating expires on 23 April 2027. 

Agusto & Co. hereby affirms the “Aaa” rating assigned to Craneburg EKSG Motorway Company PLC’s (“Craneburg EKSG Motorway” or “the Issuer”) ₦32.5 Billion 20-Year 22% Senior Guaranteed Fixed Rate Infrastructure Bond Due 2045 (“the Bond” or “the Issue”). The rating mirrors the “Aaa” rating of Infrastructure Credit Guarantee Company PLC1 (“InfraCredit” or “the Guarantor”) based on the subsisting guarantee arrangement that allows InfraCredit to step in and fund the Payment Account should the Issuer and Craneburg Construction Company Limited (“the Project Sponsor”) fail to do so within the specified time, thus shielding Bondholders from default risk.

InfraCredit is Nigeria’s leading institution for infrastructure credit guarantees, instrumental in boosting the nation’s infrastructure through local currency-backed debt enhancement. With strong financial and technical support from its shareholders and sponsors, InfraCredit has steadily grown its guarantee portfolio. Its risk management framework, built on obligor-funded reserves and co-guarantee structures, has ensured a clean book with no recorded losses across its portfolio to date. Notwithstanding a challenging macroeconomic environment, InfraCredit’s rigorous credit standards and strong institutional support are expected to sustain its strong asset quality position over the near to medium term.