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Rating agencies, Agusto and GCR affirm ‘AAA’ long term credit rating of InfraCredit, with stable outlook

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  • Rating agencies, Agusto and GCR affirm ‘AAA’ long term credit rating of InfraCredit, with stable outlook
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Rating agencies, Agusto and GCR affirm ‘AAA’ long term credit rating of InfraCredit, with stable outlook

  • July 19, 2021

Rating agencies, Agusto & Co (“Agusto”) and Global Credit Ratings (“GCR”) re-affirmed the “AAA” credit rating of Infrastructure Credit Guarantee Company Limited (“InfraCredit”), specialized infrastructure credit guarantee institution backed by the Nigeria Sovereign Investment Authority, GuarantCo and InfraCo Africa (Private Infrastructure Development Group companies), KfW Development Bank, Africa Finance Corporation, and African Development Bank, to provide local currency guarantees and mobilize long term debt financing for infrastructure in Nigeria.

Assigning the highest credit rating on InfraCredit, GCR noted, “the rating is underpinned by the uniqueness of Infrastructure Credit Guarantee Company Limited’s (“InfraCredit” or “the Company”) operations as a credit guarantee provider, and the company’s strong capitalisation, liquidity, and asset quality position, albeit counterbalanced by its self-regulated status”. Notably, InfraCredit posts a strong financial profile score of 5.25, one of the highest in the financial services industry underpinned by the Company’s growing capital buffers, liquidity, and broader balance sheet strength, which are complemented by the sound governance and risk management culture; key fundamentals underscores the credibility of InfraCredit as a guarantor and more importantly the sustainability of the business model. InfraCredit grew its core capital by 64% within the review period, following the equity investments of InfraCo Africa and retained earnings. The strength of the rating is also partly supported by the commitment of the capital providers and the prospect of InfraCredit to sustainably grow its capital base through internally generated capital by way of earnings retention and new capital injection from existing and prospective equity and debt capital providers.

According to Agusto, the rating takes cognizance of the technical, governance and capital support extended by the shareholders as well as GuarantCo Management Company Limited, the callable capital provider. In affirming the “AAA” rating and reflecting InfraCredit’s unparallel credit quality, Agusto & Co. asserted, “the rating assigned also reflects the quality of InfraCredit’s guarantees and investment portfolios backed by an acceptable risk management framework, good return on investments during the year and an experienced management team.” The affirmation of the rating reinforces the strength of InfraCredit’s transaction structuring, quality of guarantee portfolio and overall risk management practice, especially as it impressively sustains the history of zero delinquency, a proven quality of its instruments and obligors. In addition, Agusto emphasized the increasing diversity of the equity base, noting the USD27mn investment of InfraCo Africa during the review period, as it reflects the capacity of InfraCredit to consistently scale up capital, as may be required in growing its guarantee portfolio.

Speaking on the ratings actions, InfraCredit’s Managing Director/CEO, Chinua Azubike said, “the simultaneous affirmations of InfraCredit’s “AAA” rating, with stable outlook, by Agusto and GCR (rating agencies) is a validation of our balance sheet capacity and more importantly the credibility of our guarantee instruments. We will continue to leverage our unique capabilities and innovative approach in deepening the debt capital markets for infrastructure finance in the country, particularly as we strengthen our collaboration with domestic and multilateral partners in unlocking blended finance and latent capital for commercially viable infrastructure projects, targeted at enhancing standards of living and supporting inclusive growth in Nigeria.”

 

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InfraCredit’s Guarantee Supported by UK-Funded Climate Finance Blending Facility Mobilises Local Currency Debt Issue for Solar Powered Rural Telephony Project in Nigeria

August 3, 2023

Lagos, 07 August 2023: InfraCredit, a ‘AAA’-rated specialised infrastructure credit guarantee institution, is pleased to announce the credit enhancement of Hotspot Network Limited’s debt issue, under a co-financing arrangement with the £10 million Climate Finance Blending Facility (the “Climate Facility”) funded by the United Kingdom Foreign, Commonwealth and Development Office (FCDO), the second transaction under the Facility.

FSD Africa invests £10m into innovative risk sharing facility with InfraCredit to support sustainable climate-aligned infrastructure development in Nigeria

August 1, 2023

FSD Africa has invested £10m into a first-of-its-kind risk sharing facility in collaboration with InfraCredit

Infracredit GLNG Announcement

INFRACREDIT’S GUARANTEE SUPPORTS GREEN LIQUIFIED NATURAL GAS LIMITED’S ISSUANCE OF N5BILLION 10-YEAR SENIOR GUARANTEED FIXED-RATE SERIES I INFRASTRUCTURE BONDS DUE 2033

July 18, 2023

Lagos, 14 June 2023: InfraCredit, a ‘AAA’-rated specialised infrastructure credit guarantee institution, is pleased to

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InfraCredit capacity building report 2018

As at first quarter of 2019, InfraCredit, through its guarantees, facilitated firsttime access …
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