Rating Release

Agusto & Co. upgrades Impact Credit Guarantee Limited’s ratings to ‘Aa+’ (long term) and ‘A1+’ (short term), with a stable outlook 

The rating expires on 30 June 2027.

Agusto & Co. upgrades Impact Credit Guarantee Limited’s (“ICGL” or “the Company”) ratings to “Aa+” (long term) and “A1+” (short term), reflecting the good capitalisation and the continued support of the sole shareholder, Development Bank of Nigeria Plc (rated “Aaa” by Agusto & Co.). ICGL’s good profitability and large pool of liquid assets, which strengthens the ability to meet obligations from called guarantees promptly, are also considered positive rating factors. However, the ratings are constrained by concentration in the guarantee portfolio and the prevailing headwinds, as the target customers (small and medium-sized businesses) are highly vulnerable to economic downturns. We have also assigned a ‘2’ ESG score to the ratings, which denotes that environmental, social and governance issues have minimal impact on the Company’s credit risk.