Agusto & Co. Limited, Nigeria’s first credit rating agency in its latest report, has affirmed InfraCredit’s ‘AAA’ (NG) public national scale rating with a Stable Outlook.
According to the rating agency, “InfraCredit’s ‘AAA’ (NG) rating reflects the expanding and implicit support of its sponsor base. InfraCredit is sponsored by the Nigeria Sovereign Investment Authority (NSIA), Africa Finance Corporation (AFC) and GuarantCo Management Company Limited (GuarantCo) which provide funded and unfunded capital for the Corporation’s guarantee operations.
The assigned rating also recognizes InfraCredit’s good asset quality backed by an acceptable risk management framework as well as its strong capital base, liquidity profile and financing capacity. The support being received from its sponsors continues to ensure that asset quality remains good as evidenced by the nil impairment since InfraCredit’s inception.
Furthermore, InfraCredit recorded its first profit of ₦171 million in FY 2018, from a loss position of ₦403 million the prior year. This feat was achieved on the back of the full year income generated from its guarantee portfolio and a stronger investment income from its pool of liquid assets.”
Speaking on the ratings action, the Managing Director/CEO, Chinua Azubike said, “The rating reflects our strong balance sheet, solid capital consistent with “AAA” credit ratings and commitment to the highest standards of corporate governance and best practices in all aspects of our business. We are building a vibrant institution that serves as a catalyst in the attraction of long-term capital into infrastructure finance in Nigeria, by fostering our development impact in Nigeria’s debt capital markets and in helping to bridge the infrastructural gap in the country”.
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