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Agusto & Co. hereby assigns an indicative rating of ‘Aaa’ to NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1

Rating Release

Agusto & Co. hereby assigns an indicative rating of ‘Aaa’ to NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Guaranteed Fixed Rate Senior Green Infrastructure Bond Due 2033 (“Series 1”, “the Issue” or “the Bond”) on the strength of the credit enhancement provided by Infrastructure Credit Guarantee Company Limited (‘InfraCredit’ or ‘the Guarantor’). The Bond is supported by the unconditional and irrevocable guarantee of all principal and coupon payment obligations to Bondholders by InfraCredit. The Issue rating reflects the “Aaa” rating assigned to the Guarantor by Agusto & Co. in July 2018.

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.