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Agusto & Co, GCR Affirm InfraCredit’s Ratings

by Online Editor
October 30, 2019
in News
Reading Time:2min read
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Agusto & Co, GCR Affirm InfraCredit’s Ratings

Estimated reading time: 6 minute(s)

Agusto & Co Limited and Global Credit Rating Company (GCR) have respectively affirmed the ‘AAA’ rating as well as assigned stable outlook on Infrastructure Credit Guarantee Company Limited (InfraCredit).

According to a statement, Agusto & Co’s 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.

Furthermore, it stated that the assigned rating also recognised InfraCredit’s good asset quality backed by an acceptable risk management framework as well as its strong capital base, liquidity profile and financing capacity.

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“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 N171 million in full year 2018, from a loss position of N403 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,” the statement added.

On the other hand, it quoted the GCR to have noted it rating reflects the assessment of its business model, governance structure, capitalisation, risk mitigation mechanisms, financial performance, as well as the profile of the shareholders and capital providers.
According to GCR, the assigned rating also recognises InfraCredit’s stringent risk management process and obligations under its guarantees that have helped to strengthen exposure risk protection.

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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Estimated reading time: 1 minute(s)

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Comments 1

  1. baca infonya disini says:
    2 months ago

    I cоuldn’t refrain from commenting. Exceptionally wеll
    written! http://embeddedwiki.cs.aau.dk/wiki/User:Mercedes0535

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