Agusto & Co. hereby assigns a ‘A+(ngr)’ rating to Shelter Afrique’s Series I ₦27.18 Billion & ₦18.82 Billion Bonds

Rating Category: Sovereigns & Supranationals

Agusto & Co. hereby assigns a ‘A+(ngr)’ rating to Shelter Afrique’s Series I ₦27.18 Billion & ₦18.82 Billion Bonds

Rating Release

Agusto & Co. hereby assigns a ‘A+(ngr)’ rating to Shelter Afrique’s Series I ₦27.18 Billion & ₦18.82 Billion Bonds

This rating expires 19 April 2023.

Agusto & Co. hereby assigns an “A+(ngr)” rating to Shelter Afrique’s (“SHAF” or “the Issuer”) Tranche A 5-Year 27.18 billion 13% and Tranche B 7-Year 18.82 billion 13.25% Senior Unsecured Bonds (“the Bond” or “the Issue). The Bond forms the Series I issuance under SHAF’s 200 billion Domestic Bond Issuance Programme. The rating assigned to the Issue mirrors the standalone rating of the Issuer as the Bond represents senior unsecured obligations that rank pari passu with the Issuer’s other senior unsecured debts. Agusto & Co. assigned an “A+(ngr)” rating to Shelter Afrique in August 2021. The Issue proceeds will be used to fund mass housing development projects and provide lines of credit.

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
Citihomes Finance Company Limited SR3 Nov 24 , 2023 Stable Nigeria
Lukefield Finance Company Limited Bbb- Jun 30 , 2023 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2023 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
North South Power Company Limited A- Jun 30 , 2023 Stable Nigeria
African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria