GCR Ratings Affirms InfraCredit’s AAA(NG) National Scale Long-term Issuer Rating for the Ninth Consecutive Year; Outlook Stable.
Lagos, Nigeria – 9, July 2026: GCR Ratings has affirmed Infrastructure Credit Guarantee Company Plc (“InfraCredit” or the “Company”) national scale long-term issuer rating at AAA(NG) with a Stable Outlook, marking the ninth consecutive affirmation since InfraCredit’s inaugural rating in July 2017. Concurrently, GCR affirmed the AAA(NG) ratings of 16 InfraCredit-guaranteed bond transactions, all with Stable Outlooks.
The affirmation comes at an important stage in InfraCredit’s institutional evolution. A key positive rating indicator highlighted by GCR was the change in the Company’s ownership structure following equity injections through private placement in 2025, which expanded its shareholder base to include more domestic institutional investors. The rating agency further noted that InfraCredit’s listing on the NASD OTC Securities Exchange in March 2025 is expected to provide additional financial flexibility going forward. This evolution continues as the Company transitions into formal regulatory oversight under the Securities and Exchange Commission’s Credit Enhancement Facility Provider Regulations and advances its regional expansion strategy into selected African markets, while maintaining the established track record that has underpinned its AAA(NG) rating since inception.
In reaffirming the rating, GCR recognised the strength of InfraCredit’s guarantee portfolio, supported by its record of zero guarantee calls across 26 guaranteed entities and approximately NGN310 billion in outstanding guarantees as of April 2026. The rating agency also acknowledged the effectiveness of InfraCredit’s proactive portfolio monitoring and remedial actions in containing emerging credit risks, supported by the continued implementation of the Company’s Environmental, Social and Governance (ESG) Framework and disciplined risk management practices.
GCR further noted that the redemption of legacy foreign currency redeemable preference shares strengthened the quality of InfraCredit’s capital by reducing foreign exchange risk. The rating agency expects planned capital-raising initiatives and expanded risk-sharing arrangements to sustain capital adequacy as the guarantee portfolio continues to grow. GCR also noted that InfraCredit’s internal leverage limit of 7.5x provides additional capacity to support future guarantee issuance while maintaining prudent capital management. Liquidity also remains a key credit strength, supported by InfraCredit’s conservative investment strategy and liquidity management framework, which continue to provide substantial headroom to support its long-dated guarantee obligations and reinforce the Company’s ability to meet its commitments as they fall due.
The rating affirmation also reflects growing market confidence in InfraCredit’s credit enhancement model. GCR noted that InfraCredit’s transaction pipeline of approximately NGN1.36 trillion across 87 transactions supports continued portfolio growth and diversification. The Stable Outlook reflects the rating agency’s expectation that InfraCredit will maintain a sound business profile, supported by its expanding transaction pipeline, disciplined underwriting standards, conservative liquidity management, and continued execution of its capital management initiatives over the medium term.
Commenting on the affirmation, Chinua Azubike, Chief Executive Officer of InfraCredit, said:
“This affirmation comes at an important stage in InfraCredit’s evolution. While our core guarantee business remains central to our mission, 2025 was a year of strategic transformation. We strengthened our regulatory foundation under the SEC’s Credit Enhancement Facility Provider regulatory framework, maintained a zero-loss guarantee portfolio, publicly listed on the securities exchange, expanded our shareholder base to include domestic pension funds, advanced innovative facilities such as the Construction Finance Warehouse Facility and climate-focused risk-sharing platforms, and commenced our first regional expansion initiatives.
These actions position InfraCredit not simply as a guarantor, but as a broader infrastructure finance and domestic capital mobilisation platform capable of supporting projects across their financing lifecycle. The continued confidence reflected in this rating encourages us to build on these foundations as we expand access to long-term local currency financing for infrastructure and sustainable development in Nigeria and beyond.”
For further enquiries, please contact:
Infrastructure Credit Guarantee Company Plc
Media Enquiries: [email protected] /[email protected]
Guarantee Enquiries: [email protected]
Phone: +234 6312300
About InfraCredit
InfraCredit (www.infracredit.ng) was established in 2017 as a first-of-its-kind ‘AAA’-rated specialised infrastructure credit guarantee institution, created to support long-term local currency infrastructure financing in Nigeria. InfraCredit’s guarantees act as a catalyst to attract long-term domestic institutional capital from pension funds, insurance firms, and other investors into creditworthy infrastructure projects, thereby deepening Nigeria’s debt capital markets.
InfraCredit is backed by the Nigeria Sovereign Investment Authority, KfW Development Bank, Africa Finance Corporation, African Development Bank, InfraCo Africa (a Private Infrastructure Development Group company), and domestic institutional investors including Leadway Assurance, AIICO Insurance, Access ARM Pensions, CardinalStone Pensions, and Crusader Sterling Pensions.
As at April 2025, InfraCredit was listed as a public company and admitted to trading on the NASD. It maintains the highest domestic financial strength ratings accorded to any financial institution by Agusto & Co., Global Credit Ratings, and Fitch Ratings, which has rated InfraCredit two notches above Nigeria’s sovereign rating. InfraCredit is the subject of two Harvard Business School case studies taught in the HBS MBA programme.
