GCR Affirms InfraCredit’s AAA(NG) National Scale Long-Term Issuer Rating with Stable Outlook for the 8th Consecutive Time.
Lagos, Nigeria – 18 June 2025: InfraCredit (“the Company”), a ‘AAA’-rated specialised infrastructure credit guarantee institution, is pleased to announce that Global Credit Ratings (“GCR”) has, for the 8th consecutive time, affirmed its national scale long-term issuer rating of AAA(NG) with a Stable Outlook.
The affirmation reflects GCR’s continued confidence in InfraCredit’s strategic mandate delivery, robust capitalisation, sound risk management profile, and resilient funding structure. GCR, in its report indicated that of April 2025, InfraCredit’s guaranteed portfolio reached NGN278.8 billion, demonstrating sustained market activity and growing private sector participation in long-term, local currency infrastructure finance.
GCR highlighted InfraCredit’s strong capital and leverage profile, noting a core qualifying capital base of NGN231.9 billion and robust net leverage ratios. The company’s recent capital mobilisation, via equity injections and a subordinated facility from the African Development Bank, was recognised as a significant driver of its capital strength and financial flexibility.
Environmental, Social, and Governance (ESG) practices were also identified as a competitive differentiator. GCR acknowledged InfraCredit’s structured ESG screening, entity assessments, and growing role in unlocking access for lower-rated corporates—particularly in Nigeria’s clean energy transition. InfraCredit’s portfolio includes climate-aligned projects that support job creation, emissions reduction, and inclusive access to infrastructure.
Additionally, GCR maintained InfraCredit’s strong risk position, citing strict underwriting standards and a zero-loss record on its guaranteed obligations since inception. While concentration risks persist, GCR noted InfraCredit’s active risk mitigation and the diversification potential of its NGN881.2 billion transaction pipeline.
With 17 guaranteed bond issuances currently rated AAA by GCR, InfraCredit’s stable outlook reflects expectations of continued portfolio growth, enhanced diversification, and a sustained liquidity buffer, driven by conservative asset allocation and risk-sharing mechanisms.
Speaking on the rating, Chinua Azubike, Chief Executive Officer of InfraCredit, stated: “Chinua Azubike, CEO of InfraCredit, in a statement said “GCR’s affirmation of our AAA(NG) rating with a Stable Outlook reinforces InfraCredit’s financial flexibility reflected in its evolving capital structure, effective risk governance and consistent achievement of target objectives since inception. Recent milestones, such as our conversion to a public company, N45 billion equity raise and recent NASD listing backed by UK FCDO MOBILIST, which attracted new pension funds equity investors, have provided InfraCredit with capacity to navigate the pathway to growth and scale. The rating affirms the strength of InfraCredit’s guarantee model with our zero-loss history, recognizes our efforts in promoting sustainable infrastructure by mobilising domestic resources and leveraging domestic capital markets. With a diversified capital base and increasing project pipeline, InfraCredit aims to expand innovative local currency infrastructure financing solutions to drive inclusive and environmentally sustainable growth.”
For further enquiries, please contact:
Infrastructure Credit Guarantee Company Plc
Media Enquiries: [email protected]/[email protected]
Guarantee Enquiries: [email protected]
Phone: +234 6312300
Note to the Editor
About InfraCredit
InfraCredit is a ‘AAA’ rated specialized infrastructure credit enhancement facility established to support long-term local currency infrastructure financing by providing guarantees to enhance the credit quality of local currency debt instruments issued to finance eligible infrastructure-related assets in Nigeria. Its guarantees act as a catalyst to attract investment interest from pension funds, insurance firms and other long-term investors, thereby deepening the Nigerian debt capital markets. InfraCredit is capitalized by the Nigeria Sovereign Investment Authority (“NSIA”), responsible for the management of Nigeria’s sovereign wealth fund, in collaboration with KfW Development Bank, Africa Finance Corporation, InfraCo Africa (Private Infrastructure Development Group Company), African Development Bank and domestic institutional investors – Leadway Assurance Company Limited and AIICO Insurance Plc. InfraCredit operates on a commercial basis with a developmental role and benefits from private sector governance. InfraCredit maintains the highest domestic financial strength ratings accorded to any financial institution by Agusto and Co. and Global Credit Ratings Co., two of the major domestic credit rating agencies and international rating agency, Fitch Ratings. For more information, please visit www.infracredit.ng and follow us on Linkedin and X.
