Ratings Release

List of Current Ratings

Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
NOVAMBL Investments SPV Plc Bbb- Dec 31 , 2022 Stable Nigeria
United Bank for Africa Plc Aa- Jun 30 , 2022 Stable Nigeria
FSDH Merchant Bank Limited A-(NGA)
B-(FCY)
Jun 30 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral 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

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Funds & Investment Managers

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Legacy Debt Fund Aa-
/FV3
Jun 14 , 2022 N/A Nigeria
ARM Investment Managers Limited AA(IM) Jun 02 , 2022 Stable Nigeria
Abacus Money Market Fund A-(f) May 27 , 2022 N/A Nigeria

Insurance Companies

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Microfinance Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Mortgage Institutions

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Municipal Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Lagos Sate Government’s ₦97.3 billion Series II Tranches I-IV Bond Aa- Dec 31 , 2027 Stable Nigeria
Lagos State's 16.5% ₦47 Billion Bond Aa- Dec 31 , 2023 Stable Nigeria
Kogi State's 17% ₦3 Billion Bond Bbb+ Mar 31 , 2025 Stable Nigeria
Bauchi State's 16.5% ₦10.4 Billion Bond (Formerly ₦15 Billion Bond) Bbb+ Dec 31 , 2026 Stable Nigeria
Kogi State’s 15% ₦5 billion Bond Bbb+ Dec 31 , 2023 Stable Nigeria
Gombe State's 16% ₦12.5 Billion Bond (formerly ₦20 Billion Bond) Bbb+ Dec 31 , 2023 Stable Nigeria

Securities & Investment Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Trustee Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Sovereigns & Supranationals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Shelter Afrique A(ken) /
A+(ngr)
Jun 30 , 2022 Stable Kenya

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral 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