Agusto & Co. hereby assign an indicative “Aaa” rating to LFZC Funding SPV Plc.’s ₦25 Billion with a stable outlook

Rating Category: Corporate Bonds

Agusto & Co. hereby assign an indicative “Aaa” rating to LFZC Funding SPV Plc.’s ₦25 Billion with a stable outlook

Rating Release

Agusto & Co. hereby assign an indicative “Aaa” rating to LFZC Funding SPV Plc.’s ₦25 Billion with a stable outlook

The rating expires on 28-02-23

Agusto & Co. hereby assign an indicative “Aaa” rating to LFZC Funding SPV Plc.’s (“LFZC Funding SPV” or “the Issuer”) ₦25 Billion 20-Year Senior Guaranteed Fixed Rate Infrastructure Bond Due 2041 (“Series 2 Bond”, “the Bond” or “the Issue”). The assigned rating is hinged on the strength of the unconditional and irrevocable guarantee provided by Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “the Guarantor”) assuring the prompt payment of the Series 2 Bond obligations as and when due. The guarantee allows InfraCredit to step in and fund the Payment Account should the Issuer and Lagos Free Zone Company (“LFZC”, “the Co-Obligor” or “the Sponsor”) fail to do so within the specified time, thus shielding Bondholders from default risk. In July 2021, Agusto & Co. affirmed the “Aaa” rating assigned to InfraCredit reflecting its impeccable financial condition and overwhelming capacity to meet obligations as and when due.

LFZC Funding SPV Plc is a special purpose vehicle incorporated by Lagos Free Zone Company with the sole purpose of raising funds from the debt capital market to pass through to the Co-Obligor. LFZC is the licensee and operator of the Lagos Free Zone – the first privately owned economic zone in Nigeria. The 830-hectare Lagos Free Zone, which is integrated with a deep seaport (“the Lekki Deep Seaport”), is promoted by Singapore-based Tolaram Group Incorporated. The Zone is being developed as a “Live-Work-Play” community and equipped with built-up standard industrial and warehouse facilities. About 23 registered enterprises including some notable international brands have operational bases in the Zone as at year-end 2021.

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.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.
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Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Fewchore Finance Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Credit Direct Finance Company Limited Bbb+ Jun 30 , 2026 Stable Nigeria
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Corporates

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Payaza Africa Limited Bbb Jun 30 , 2026 Stable Nigeria
NGN Gram Limited Bbb Jun 30 , 2026 Stable Nigeria
Food Concepts PLC A Jun 30 , 2026 Stable Nigeria
Odu'a Investment Company Limited  Aa- Jun 30 , 2026 Stable Nigeria
UAC of Nigeria PLC A- Jun 30 , 2026 Stable Nigeria
Vitafoam Nigeria Plc A Mar 31 , 2026 Stable Nigeria
Lagos Free Zone Company Bbb Jun 30 , 2026 Positive Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 PLC's ₦16.4 billion Bond Aa- Apr 12 , 2026 Stable Nigeria
Axxela Funding 1 PLC's ₦11.5 Billion Bond Aa- May 20 , 2026 Stable Nigeria
NEN Infrastructure Limited's ₦17.1 Billion Bond A May 31 , 2026 Stable Nigeria
NEN Infrastructure Limited's ₦40.975 Billion Bond A- Mar 22 , 2026 Stable Nigeria
Aradel Holdings PLC's  ₦10.318 billion Bond Aa Jun 30 , 2026 Stable Nigeria
MTN Nigeria Communications PLC’s ₦110,001,000,000 Series 1 Bond Aa+ Apr 30 , 2026 Stable Nigeria
LFZC Funding SPV PLC’s ₦25 billion Bond Aaa Mar 16 , 2026 Stable Nigeria
NCNI Limited's ₦13.2 Billion Bond A Feb 01 , 2026 Stable Nigeria
GPC-SPV Company PLC Aaa Nov 23 , 2025 Stable Nigeria
PAT Digital Infra Fund SPV PLC Aaa Feb 02 , 2026 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria