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GCR accords a final Bond rating of A-(NG) to Dufil Prima Foods PLC’s N10bn Series 1 Bond Issue

Lagos, 17 October 2017—Global Credit Ratings has accorded a final public rating of A-(NG) to Dufil Prima Foods PLC’s (“Dufil”, or “the Issuer”) Series 1 N10bn Unsecured Fixed Rate Bonds (“the Bonds”);...

17 Oct 2017 In Rating Notifications

GCR accords a final Note rating of A(NG) to Municipality Waste Mgt. Contractors Ltd.’s N20.3bn Note

Lagos, 17 October 2017—Global Credit Ratings has accorded a final public rating of A(NG) to Municipality Waste Management Contractors Limited’s (“MWMCL”, the “Contractors” or the “Issuer”) Series 1 N2...

17 Oct 2017 In Rating Notifications

GCR affirms Lafarge Africa Plc’s Issuer and Bond ratings at A+(NG); Outlook Stable

Lagos, 11 October 2017—Global Credit Ratings has affirmed the national scale Issuer ratings assigned to Lafarge Africa Plc of A+(NG) and A1(NG) in the long term and short term respectively; with the ratings placed ...

11 Oct 2017 In Rating Notifications

GCR downgrades Niger Insurance Plc’s Financial Strength rating of B+(NG); Rating Watch.

Lagos Nigeria, 9 October 2017—Global Credit Ratings has downgraded the financial strength rating of Niger Insurance Plc to B+(NG), with the rating placed on Rating Watch. The rating is valid until March 2018. SUM...

09 Oct 2017 In Rating Notifications

GCR affirms Stanbic IBTC Bank PLC’s National Scale Rating of AA-(NG); Outlook Stable.

Lagos Nigeria, 06 October 2017—Global Credit Ratings has today affirmed the national scale ratings assigned to Stanbic IBTC Bank PLC of AA-(NG) and A1+(NG) in the long and short term respectively; with the outlook ...

06 Oct 2017 In Rating Notifications

GCR affirms FSDH Merchant Bank Limited’s National Scale Rating of A-(NG); Outlook Stable.

Lagos Nigeria, 06 October 2017—Global Credit Ratings has affirmed the national scale ratings assigned to FSDH Merchant Bank Limited of A-(NG) and A2(NG) in the long and short term respectively; with the outlook acc...

06 Oct 2017 In Rating Notifications

GCR Affirms Sterling Investment Management SPV PLC’s Series 1 Bonds Rating of BBB(NG).

Lagos, 29 September 2017 - Global Credit Ratings has affirmed the national scale long-term credit rating of BBB(NG) accorded to Sterling Investment Management SPV PLC’s N7.97bn (Series 1) Bonds; with the outlook ac...

29 Sep 2017 In Rating Notifications

GCR Affirms FCMB Financing SPV Plc’s Series 1, Series 2 and Series 3 Bonds Ratings.

Lagos, 29 September 2017—Global Credit Ratings has affirmed the national scale long term credit ratings of BBB(NG), A-(NG)  and BBB(NG) accorded to Series1, Series2 and Series 3 Bonds respectively, issued unde...

29 Sep 2017 In Rating Notifications

GCR Affirms Flour Mills of Nigeria Plc’s rating of BBB+(NG); Outlook Stable.

Lagos Nigeria, 29 September 2017 — Global Credit Ratings has affirmed the national scale ratings assigned to Flour Mills of Nigeria Plc of BBB+(NG) and A2(NG) in the long term and short term respectively, with the...

29 Sep 2017 In Rating Notifications

GCR Assigns Indicative Rating of BBB(NG) to Fortis Microfinance Bank Plc’s N10bn Bonds

Lagos, 25 September 2017—Global Credit Ratings has accorded an indicative, public national scale long term rating of BBB(NG) to Fortis Microfinance Bank Plc’s N10bn Bonds; with a Stable Outlook. The rating is...

22 Sep 2017 In Rating Notifications

GCR Assigns Fortis Microfinance Bank Plc a National Scale Rating of BBB-(NG); Outlook Stable.

Lagos, 25 September 2017—Global Credit Ratings has accorded Fortis Microfinance Bank Plc (“Fortis” or “the bank”)  first time, national scale ratings of BBB-(NG) and A3(NG), in the long...

22 Sep 2017 In Rating Notifications

GCR Affirms Nigeria Mortgage Refinance Company Plc’s Series 1 Bonds Rating of AAA(NG)(sf); Outlook Stable.

Lagos, 21 September 2017—Global Credit Ratings has affirmed the national scale long-term credit rating of AAA(NG)(sf) accorded to Nigeria Mortgage Refinance Company Plc’s Series 1 (N7.68bn) Bonds; with the ou...

21 Sep 2017 In Rating Notifications

GCR Affirms Nigeria Mortgage Refinance Company Plc’s National Scale Rating of BBB+(NG); Outlook Stab

Lagos, 19 September 2017—Global Credit Ratings has affirmed Nigeria Mortgage Refinance Company Plc’s public national scale ratings of BBB+(NG) and A2(NG), in the long and short term respectively; with the out...

19 Sep 2017 In Rating Notifications

GCR affirms Transcorp Hotels PLC of Nigeria’s National Scale Rating at A-(NG); Outlook Stable

Lagos, 18 September 2017—Global Credit Ratings has affirmed the long term and short term national scale issuer ratings of A-(NG) and A2(NG) respectively, assigned to Transcorp Hotels PLC with the outlook accorded a...

19 Sep 2017 In Rating Notifications

GCR affirms Dangote Cement Plc’s rating of AA+(NG); Outlook Stable

Lagos, 11 September 2017—Global Credit Ratings has affirmed the long term and short term national scale issuer ratings of AA+(NG) and A1+(NG) respectively, assigned to Dangote Cement Plc, with the outlook accorded ...

11 Sep 2017 In Rating Notifications

GCR assigns North South Power Company Limited a first time Issuer rating of BBB+(NG); Outlook Stable

Lagos, 11 September, 2017—Global Credit Ratings has assigned long term and short term national scale Issuer ratings to North South Power Company Limited of BBB+(NG) and A2(NG) respectively, with a Stable outlook ac...

11 Sep 2017 In Rating Notifications

GCR affirms First Bank of Nigeria Limited’s rating of A-(NG); Outlook Stable.

Lagos Nigeria, 11 September 2017 — Global Credit Ratings has affirmed the national scale ratings assigned to First Bank of Nigeria Limited of A-(NG) and A1-(NG) in the long term and short term respectively; with th...

11 Sep 2017 In Rating Notifications

GCR upgrades Leadway Assurance Company Limited’s rating to AA-(NG); Outlook Stable

Lagos Nigeria, 31 August 2017 - Global Credit Ratings has upgraded the national scale claims paying ability rating assigned to Leadway Assurance Company Limited to AA-(NG) from A+(NG); with the outlook accorded as Stable...

31 Aug 2017 In Rating Notifications

GCR Affirms Rand Merchant Bank Nigeria Limited’s National Scale Rating of A(NG); Outlook Stable.

Lagos Nigeria, 31 August 2017—Global Credit Ratings has affirmed the national scale ratings assigned to Rand Merchant Bank Nigeria Limited of A(NG) and A1(NG) in the long term and short term respectively; with the ...

31 Aug 2017 In Rating Notifications

GCR Extends the “Under Review” Notice Placed on Nigeria Mortgage Refinance Company Plc’s Ratings.

Lagos, 31 August 2017—Global Credit Ratings has today extended the “Under Review” notice placed on Nigeria Mortgage Refinance Company Plc’s national scale long term and short term ratings of BBB+(NG) and A2(NG) r...

31 Aug 2017 In Rating Notifications

GCR affirms Chapel Hill Denham Management Limited’s manager quality rating of BBB-(NG)(mq); Outlook Stable.

Lagos, 29 August 2017—Global Credit Ratings has affirmed the manager quality* rating assigned to Chapel Hill Denham Management Limited of BBB-(NG)(mq); with the outlook accorded as Stable. The rating is valid until...

30 Aug 2017 In Rating Notifications

GCR Affirms Wema Funding SPV Plc’s Series 1 Bonds Rating of BBB-(NG).

Lagos, 29 August 2017—Global Credit Ratings has affirmed the public national scale long term rating of BBB-(NG) accorded to Wema Funding SPV Plc’s N6.295bn Series 1 Debt Issuance Programme; with a Stable Outl...

30 Aug 2017 In Rating Notifications

GCR Affirms FBN Merchant Bank Limited’s National Scale Rating Of A-(NG); Outlook Stable.

Lagos Nigeria, 28 August 2017—Global Credit Ratings has today affirmed the national scale ratings assigned to FBN Merchant Bank Limited of A-(NG) and A2(NG) in the long and short term respectively, with the outlook...

28 Aug 2017 In Rating Notifications

GCR Affirms WSTC Financial Services Limited’s Rating Of BBB-(NG); Outlook Stable.

Lagos Nigeria, 28 August 2017—Global Credit Ratings has affirmed the national scale ratings assigned to WSTC Financial Services Limited of BBB-(NG) and A3(NG) in the long term and short term respectively; with the ...

28 Aug 2017 In Rating Notifications

GCR Affirms First City Monument Bank Limited’s rating of A-(NG); Outlook Negative

Lagos Nigeria, 25 August 2017 - Global Credit Ratings has affirmed the national scale credit ratings assigned to First City Monument Bank Limited of A-(NG) and A2(NG) in the long term and short term respectively; with th...

25 Aug 2017 In Rating Notifications

GCR Accords Sterling Asset management and trustees Limited a National Scale Rating of BBB-(NG); Outlook Stable.

Lagos, 25 August 2017—Global Credit Ratings has accorded Sterling Asset Management and Trustees Limited national scale ratings of BBB-(NG) and A3(NG) in the long term and short term respectively; with the outlook a...

25 Aug 2017 In Rating Notifications

GCR affirms Union Bank of Nigeria Plc’s National Scale Rating of BBB+(NG); Rating Watch.

Lagos Nigeria, 22 August 2017—Global Credit Ratings has today affirmed the national scale ratings assigned to Union Bank of Nigeria Plc of BBB+(NG) and A2(NG) in the long and short term respectively, with the ratin...

22 Aug 2017 In Rating Notifications

GCR Assigns Indicative Rating of BBB+(NG) to LAPO MFB SPV Plc’s Series 1 Bonds.

Lagos, 16 August 2017—Global Credit Ratings has accorded an indicative, public national scale long term rating of BBB+(NG) to LAPO MFB SPV Plc’s N6.0bn Series 1 Bonds under LAPO MFB SPV Plc’s N20bn Debt...

17 Aug 2017 In Rating Notifications

GCR Assigns LAPO Microfinance Bank Limited a National Scale Rating of BBB+(NG); Outlook Stable.

Lagos, 16 August 2017—Global Credit Ratings has accorded LAPO Microfinance Bank Limited (“LAPO Mfb” or “the bank”)  first time, national scale ratings of BBB+(NG) and A2(NG), in the lon...

17 Aug 2017 In Rating Notifications

GCR Assigns FBN Mortgages Limited a National Scale Rating of BB+(NG); Rating Watch.

Lagos, 14 August 2017—Global Credit Ratings has accorded FBN Mortgages Limited first time, national scale ratings of BB+(NG) and A3(NG), in the long and short term respectively. The ratings have been placed on Rati...

15 Aug 2017 In Rating Notifications

GCR Assigns FBN Mortgages Limited a Servicer Quality Rating of SQ3+(NG); Rating Watch.

Lagos, 14 August 2017—Global Credit Ratings has accorded FBN Mortgages Limited’s (“FBN ML” or “the bank”) a first time, national scale servicer quality rating# of SQ3+(NG); with the ou...

15 Aug 2017 In Rating Notifications

GCR assigns Continental Transfert Technique Limited a first time Issuer rating of BBB+(NG); Outlook Stable

Lagos, 14 August 2017—Global Credit Ratings has assigned long term and short term national scale Issuer ratings to Continental Transfert Technique Limited of BBB+(NG) and A2(NG) respectively, with a Stable outlook ...

15 Aug 2017 In Rating Notifications

GCR Affirms Sterling Bank Plc’s rating of BBB(NG); outlook Negative

Lagos Nigeria, 31 July 2017 - Global Credit Ratings has affirmed the national scale credit ratings assigned to Sterling Bank Plc of BBB(NG) and A3(NG) in the long term and short term respectively; with the outlook accord...

31 Jul 2017 In Rating Notifications

GCR Assigns InfraCredit a National Scale Rating of AAA(NG); Outlook Stable.

Lagos, 24 July 2017—Global Credit Ratings has accorded Infrastructure Credit Guarantee Company Limited (“InfraCredit” or “the company”) a first time, national scale long-term rating of AAA(NG); with the out...

24 Jul 2017 In Rating Notifications

GCR affirms Forte Oil Plc’s Issuer and Bond Ratings at A-(NG); Outlook Stable

Lagos, 12 July 2017—Global Credit Ratings has affirmed the national scale issuer ratings assigned to Forte Oil Plc of A-(NG) and A1-(NG) in the long term and short term respectively; with the outlook accorded as St...

12 Jul 2017 In Rating Notifications

GCR accords Niger Insurance Plc A Financial Strength rating of BB+(NG); Outlook Stable.

Lagos Nigeria, 12 July, 2017—Global Credit Ratings has accorded a financial strength rating to Niger Insurance Plc at BB+(NG), with the rating outlook accorded as Stable. The rating is valid until May 2018. SUMMAR...

12 Jul 2017 In Rating Notifications

GCR accords an indicative Bond rating of AA-(NG) to Lagos State Govt.of Nigeria’s N100bn Bond Issue

Lagos, 11 July 2017—Global Credit Ratings has assigned an indicative public rating of AA-(NG) to Lagos State Government of Nigeria’s (“Lagos State”, “the State”, or “the Issuer”) proposed Programme 3 ...

11 Jul 2017 In Rating Notifications

GCR Affirms Fidson Healthcare Plc’s Issuer Rating of BBB(NG); Outlook Stable.

Lagos Nigeria, 05 July 2017 — Global Credit Ratings has affirmed the national scale Issuer ratings assigned to Fidson Healthcare Plc of BBB(NG) and A3(NG) in the long term and short term respectively; with the outlook ...

06 Jul 2017 In Rating Notifications

GCR assigns Viathan Funding PLC a first time long term Issuer rating of BBB-(NG); Outlook Stable

Lagos, 5 July 2017—Global Credit Ratings has assigned long term and short term national scale Issuer ratings to Viathan Funding PLC of BBB-(NG) and A3(NG) respectively. The ratings have been placed on a ‘Stable...

05 Jul 2017 In Rating Notifications

Mortgage Warehouse Funding Limited’s Asset Backed Commercial Paper – Indicative Ratings

Lagos, 29 June 2017—Global Credit Ratings has accorded indicative public short term ratings of A1(NG)(sf) and A1-(NG)(sf)  respectively to the Senior and Subordinated Commercial Paper Notes (“CP” or “Not...

29 Jun 2017 In Rating Notifications

GCR Affirms Coronation Merchant Bank Limited’s National Scale Rating Of A-(NG); Outlook Positive.

Lagos Nigeria, 23 June 2017—Global Credit Ratings has accorded national scale long term and short term ratings of A-(NG) and A2(NG) respectively, to Coronation Merchant Bank Limited; with the outlook accorded as Po...

28 Jun 2017 In Rating Notifications

GCR accords an indicative rating of A(NG) to Municipality Waste Mgt.Contractors Ltd’s N27bn Note

Lagos, 16 June 2017—Global Credit Ratings has assigned an indicative, public rating of A(NG) to Municipality Waste Management Contractors Limited’s (“MWMCL”) proposed Series 1 N27bn Fixed Rate Notes (the ‘...

19 Jun 2017 In Rating Notifications

GCR Assigns Citihomes Finance Company Limited a Servicer Quality Rating# of SQ3(NG); Outlook Stable.

Lagos, 13 June 2017—Global Credit Ratings has accorded Citihomes Finance Company Limited (“Citihomes”, or “the company”) a first time, national scale primary servicer quality rating of SQ3(NG); with the out...

13 Jun 2017 In Rating Notifications

GCR accords an initial National Scale rating of AA+(NG) to Dangote Cement Plc; Outlook Stable

Lagos, 09 June 2017—Global Credit Ratings has accorded initial long term and short term national scale issuer ratings of AA+(NG) and A1+(NG) respectively, to Dangote Cement Plc, with the outlook accorded as Stable....

09 Jun 2017 In Rating Notifications

GCR Downgrades Ecobank Nigeria Limited’s rating to A-(NG); Outlook Stable

Lagos Nigeria, 31 May 2017 — Global Credit Ratings has today downgraded the long-term national scale rating of Ecobank Nigeria Limited to A-(NG) and affirmed the short-term national scale rating of A1-(NG); with the ou...

31 May 2017 In Rating Notifications

GCR affirms Custodian Life Assurance Limited’s rating of A-(NG); Rating Watch.

Lagos Nigeria, 11 May 2017—Global Credit Ratings has affirmed the financial strength rating assigned to Custodian Life Assurance Limited at A-(NG), with the rating maintained on Watch. The rating is valid until Sep...

11 May 2017 In Rating Notifications

GCR Affirms First City Monument Bank Limited’s National Scale Rating of A-(NG); Outlook Negative.

Lagos, 02 May 2017—Global Credit Ratings has affirmed First City Monument Bank Limited’s (“FCMB” or “the bank”), public national scale ratings of A-(NG) and A2(NG), in the long and short term respectively...

03 May 2017 In Rating Notifications

GCR Affirms FCMB Financing SPV Plc’s Series 1, Series 2 and Series 3 Bonds Ratings.

Lagos, 02 May 2017—Global Credit Ratings has affirmed the national scale long term credit ratings of BBB(NG), A-(NG)  and BBB(NG) accorded to Series1, Series2 and Series 3 Bonds respectively,  issued unde...

03 May 2017 In Rating Notifications

GCR Assigns Capital Trust a National Scale Management Quality Rating of BBB(NG)(mq); Outlook Stable

Lagos, 01 May 2017—Global Credit Ratings has accorded a national scale management quality* rating of BBB(NG)(mq) to Capital Trust Investment & Asset Management Limited (“Capital Trust” or “the company”)...

02 May 2017 In Rating Notifications

GCR affirms Dufil Prima Foods PLC’s National Scale Rating at A-(NG); Outlook Positive

Lagos, 28 April 2017—Global Credit Ratings has affirmed the long term and short term national scale issuer ratings of A-(NG) and A2(NG) respectively, assigned to Dufil Prima Foods PLC, with the outlook accorded as ...

28 Apr 2017 In Rating Notifications

GCR Affirms Wema Bank Plc’s Rating of BBB-(NG); Outlook Stable

Lagos Nigeria, 21 April 2017 — Global Credit Ratings has today affirmed the national scale ratings assigned to Wema Bank Plc of BBB-(NG) and A3(NG) in the long-term and short-term respectively; with the outlook accorde...

21 Apr 2017 In Rating Notifications

GCR Maintains Rating Watch on Tower Funding Plc’s Series 1 Tranche A and Tranche B Bonds Ratings.

Lagos Nigeria, 10 April 2017—Global Credit Ratings has affirmed the national scale ratings assigned to Tower Funding Plc’s Medium Term Note Programme as follows: Series 1 Tranche A: CCC(NG)(sf) Series 1 Tranche B: B...

11 Apr 2017 In Rating Notifications

GCR Affirms Stanbic IBTC Bank PLC SNP Series 1 (Tranche A and Tranche B) Notes Ratings of A(NG).

Lagos, 04 April 2017—Global Credit Ratings has today affirmed the national scale long-term credit ratings of A(NG) accorded to the Series 1 (Tranche A and Tranche B) Notes issued under Stanbic IBTC Bank PLC’s (...

03 Apr 2017 In Rating Notifications

GCR Assigns Final Rating of BBB-(NG) to Wema Funding SPV Plc’s Series 1 Bonds.

Lagos, 21 March 2017—Global Credit Ratings has accorded a public national scale long term rating of BBB-(NG) to Wema Funding SPV Plc’s N6.295bn Series 1 Debt Issuance Programme; with a Stable Outlook. The rating ...

22 Mar 2017 In Rating Notifications

GCR Accords Stanbic IBTC Holdings PLC an Initial Rating of AA-(NG); Outlook Stable

Lagos Nigeria, 16 March 2017 — Global Credit Ratings has today accorded national scale ratings of AA-(NG) and A1+(NG) in the long-term and short-term respectively to Stanbic IBTC Holdings PLC, with the outlook accorded...

16 Mar 2017 In Rating Notifications

GCR Affirms Stanbic IBTC Bank PLC’s rating of AA-(NG); Outlook Stable

Lagos Nigeria, 16 March 2017 — Global Credit Ratings has today affirmed the national scale ratings assigned to Stanbic IBTC Bank PLC of AA-(NG) and A1+(NG) in the long-term and short-term respectively, with the outlook...

16 Mar 2017 In Rating Notifications

GCR Affirms Leadway Assurance Company Limited’s Rating of A+(NG); Outlook Positive

Lagos Nigeria, 02 March 2017 - Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to Leadway Assurance Company Limited of A+(NG), with the outlook accorded as Positive. The rating...

02 Mar 2017 In Rating Notifications

GCR affirms Nigeria Reinsurance Corporation’s rating of BBB+(NG); Outlook Stable.

Lagos Nigeria, 2 March 2017—Global Credit Ratings has affirmed both the national and international scale claims paying ability ratings to Nigeria Reinsurance Corporation at BBB+(NG) and B respectively, with the out...

02 Mar 2017 In Rating Notifications

Global Master Structured Finance Rating Criteria – Revised Methodology Published

Lagos, 28 February 2017—Global Credit Ratings (“GCR”) has published an updated Global Master Structured Finance Rating Criteria. GCR has updated its Global Master Structured Finance Rating Criteria (th...

28 Feb 2017 In GCR Communications, Rating Notifications

GCR Assigns Final Rating of BBB(NG) to FCMB Financing SPV Plc’s Series 3 Bonds.

Lagos, 28 February 2017—Global Credit Ratings has accorded a public national scale long term rating of BBB(NG) to FCMB Financing SPV Plc’s N5.1bn Series 3 Debt Issuance Programme; with a Rating Watch. The rating ...

28 Feb 2017 In Rating Notifications

GCR Affirms Fidelity Bank Plc’s N30bn Bond’s National Scale Rating of BBB(NG); Outlook Stable.

Lagos, 27 February 2017—Global Credit Ratings has affirmed Fidelity Bank Plc’s N30bn Bond’s national scale long term rating of BBB(NG); with the outlook accorded as Stable.  The rating is valid until Septe...

27 Feb 2017 In Rating Notifications

GCR accords a final Bond rating of AA-(NG) to Lagos State Government of Nigeria’s N47bn Bond Issue

Lagos, 23 February 2017—Global Credit Ratings has assigned a final public rating of AA-(NG) to Lagos State Government of Nigeria’s (“Lagos State”, “the State”, or “the Issuer&rdq...

24 Feb 2017 In Rating Notifications

GCR Affirms AIICO Insurance Plc’s Rating of A(NG); Outlook Stable

Lagos Nigeria, 14 February 2017 - Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to AIICO Insurance Plc of A(NG), with the outlook accorded as Stable. The rating is valid unti...

14 Feb 2017 In Rating Notifications

GCR Affirms Sovereign Trust Insurance Plc’s rating of A-(NG); outlook Stable

Lagos Nigeria, 08 February 2017 — Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to Sovereign Trust Insurance Plc of A-(NG), with the outlook accorded as Stable. The rating ...

08 Feb 2017 In Rating Notifications

GCR Affirms WAICA Reinsurance Corporation Plc’s International Claims Paying Ability Rating Of B+; Ou

Lagos Nigeria, 31 January 2017—Global Credit Ratings has affirmed the international scale claims paying ability ratings assigned to WAICA Reinsurance Corporation Plc of B+; with the outlooks accorded as Stable. Fur...

31 Jan 2017 In Rating Notifications

GCR Assigns Imperial Homes Mortgage Bank Limited a Rating of BBB-(NG); Outlook Stable.

Lagos, 15 December 2016—Global Credit Ratings has accorded Imperial Homes Mortgage Bank Limited (“Imperial Homes” or “the bank”) a first time, national scale ratings of BBB-(NG) and A3(NG), in the long and ...

23 Jan 2017 In Rating Notifications

GCR Assigns Imperial Homes Mortgage Bank Limited a Rating of SQ3+(NG); Outlook Stable.

Lagos, 15 December 2016—Global Credit Ratings has accorded Imperial Homes Mortgage Bank Limited (“Imperial Homes” or “the bank”) a first time, national scale servicer quality rating# of SQ3+(NG); with the o...

23 Jan 2017 In Rating Notifications

GCR affirms Chellarams Plc’s Issuer and Bond Ratings at BB(NG); Outlook Stable

Lagos, 20 December 2016—Global Credit Ratings (“GCR”) has affirmed the long term national scale Issuer rating assigned to Chellarams Plc at BB(NG) and maintained the national scale short term rating at B(NG), w...

20 Dec 2016 In Rating Notifications

GCR affirms Rand Merchant Bank Nigeria Limited’s National Scale Rating of A(NG); Outlook Stable.

Lagos Nigeria, 19 December 2016—Global Credit Ratings has affirmed the national scale issuer ratings assigned to Rand Merchant Bank Nigeria Limited of A(NG) and A1(NG) in the long term and short term respectively; ...

19 Dec 2016 In Rating Notifications

GCR Affirms C&I Leasing Plc’s Series 1 Bond’s National Scale Rating of BBB-(NG); Outlook Stable.

Lagos, 16 December 2016—Global Credit Ratings has affirmed C&I Leasing Plc’s (“C&I”) Series 1 (N940m) Bond’s national scale long term rating of BBB-(NG); with the outlook accorded as Stable. The rat...

16 Dec 2016 In Rating Notifications

GCR Affirms C&I Leasing Plc’s issuer rating of BBB-(NG); Outlook Stable.

Lagos Nigeria, 16 December 2016 — Global Credit Ratings has affirmed the national scale issuer ratings assigned to C&I Leasing Plc of BBB-(NG) and A3(NG) in the long and short term respectively; with the outlook ac...

16 Dec 2016 In Rating Notifications

GCR affirms Delta State Government of Nigeria’s National Scale Rating at A-(NG); Outlook Negative

Lagos, 16 December 2016—Global Credit Ratings has affirmed the long term national scale rating assigned to Delta State Government of Nigeria at A-(NG), with the outlook accorded as Negative. Concurrently, the natio...

16 Dec 2016 In Rating Notifications

GCR Affirms Fidelity Bank Plc’s rating of A-(NG); Outlook Stable.

Lagos Nigeria, 15 December 2016 — Global Credit Ratings has today affirmed the national scale ratings assigned to Fidelity Bank Plc of A-(NG) and A2(NG) in the long term and short term respectively; with the outlook ac...

15 Dec 2016 In Rating Notifications

GCR accords a final Bond Rating of A-(NG) to Forte Oil Plc’s Series 1 Bond Issue

Lagos, 14 December 2016 – Global Credit Ratings (“GCR”) has assigned a final public rating of A-(NG) to Forte Oil Plc’s (“Forte” or “Issuer”) Series 1 N9bn Fixed Rate Bonds (‘the Bonds”); with the out...

14 Dec 2016 In Rating Notifications

GCR Affirms NEM Insurance Plc’s Rating of A-(NG); Outlook Stable

Lagos Nigeria, 08 December 2016 - Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to NEM Insurance Plc of A-(NG), with the outlook accorded as Stable. The rating is valid until...

09 Dec 2016 In Rating Notifications

GCR accords an indicative rating of AA-(NG) to Lagos State Govt. of Nigeria’s Proposed N60bn Bond

Lagos, 8 December 2016—Global Credit Ratings has assigned an indicative public rating of AA-(NG) to Lagos State Government of Nigeria’s (“Lagos State”, “the State”, or “the Issuer”) proposed Programme...

08 Dec 2016 In Rating Notifications

GCR accords an indicative Bond rating of A-(NG) to Dufil Prima Food Plc’s proposed N20bn Bond Issue

Lagos, 7 December 2016—Global Credit Ratings has assigned an indicative public rating of A-(NG) to Dufil Prima Foods PLC’s (“Dufil”) proposed Series 1 N20bn Fixed Rate Bonds (‘the Bonds”); with the outloo...

08 Dec 2016 In Rating Notifications

GCR downgrades Nasarawa State Govt. of Nigeria’s National Scale Rating to BB+(NG); Outlook Negative

Lagos, 7 December 2016—Global Credit Ratings has downgraded the long term national scale rating assigned to Nasarawa State Government of Nigeria to BB+(NG), with the outlook accorded as Negative. Concurrently, the ...

07 Dec 2016 In Rating Notifications

GCR Affirms Ecobank Nigeria Limited’s rating of A(NG); Rating Watch.

Lagos Nigeria, 30 November 2016 — Global Credit Ratings has today affirmed the national scale ratings assigned to Ecobank Nigeria Limited of A(NG) and A1-(NG) in the long term and short term respectively; with the outl...

30 Nov 2016 In Rating Notifications

GCR affirms Ondo State Government of Nigeria’s National Scale Rating at BBB-(NG); Outlook Negative

Lagos, 29 November 2016—Global Credit Ratings has affirmed the long term national scale rating assigned to Ondo State Government of Nigeria at BBB-(NG), with the outlook accorded as Negative. Concurrently, the nati...

29 Nov 2016 In Rating Notifications

GCR affirms Gombe State Government of Nigeria’s National Scale Rating at BBB-(NG); Outlook Negative

Lagos, 17 November 2016—Global Credit Ratings has affirmed the long term national scale rating assigned to Gombe State Government of Nigeria at BBB-(NG), with the outlook accorded as Negative. Concurrently, the fol...

17 Nov 2016 In Rating Notifications

GCR affirms Custodian Life Assurance Limited’s rating of A-(NG); Rating Watch

Lagos Nigeria, 8 November 2016 - Global Credit Ratings has affirmed the national scale financial strength rating assigned to Custodian Life Assurance Limited of A-(NG), with the rating placed on Rating Watch. The rating ...

08 Nov 2016 In Rating Notifications

GCR Accords Elephant Group Plc An Initial Rating of BBB+(NG); Outlook Stable.

Lagos Nigeria, 03 November 2016 — Global Credit Ratings has accorded national scale issuer ratings of BBB+(NG) and A2(NG) in the long term and short term respectively to Elephant Group Plc; with the outlook accorded as...

03 Nov 2016 In Rating Notifications

GCR Upgrades Law Union and Rock Insurance Plc’s Rating to A-(NG); Outlook Stable

Lagos Nigeria, 02 November 2016 - Global Credit Ratings has upgraded the national scale claims paying ability rating assigned to Law Union and Rock Insurance Plc to A-(NG) from BBB+(NG), with the outlook accorded as Stab...

02 Nov 2016 In Rating Notifications

GCR downgrades Lafarge Africa Plc’s rating to A+(NG); Outlook Stable

Lagos, 31 October 2016—Global Credit Ratings has downgraded the national scale Issuer ratings assigned to Lafarge Africa Plc to A+(NG) and A1(NG) in the long term and short term respectively; with the outlook accor...

01 Nov 2016 In Rating Notifications

GCR affirms Niger State Government of Nigeria’s National Scale Rating at BBB-(NG); Outlook Negative

Lagos, 31 October 2016—Global Credit Ratings has affirmed the long term national scale rating assigned to Niger State Government of Nigeria at BBB-(NG), with the outlook accorded as Negative. Concurrently, the nati...

31 Oct 2016 In Rating Notifications

GCR Affirms UBA’s MTNP 1 (Series 1 and Series 2) and MTNP 2 (Series 1) Notes Ratings of A(NG).

Lagos, 31 October 2016—Global Credit Ratings has affirmed the national scale long term credit ratings of A(NG) accorded to the following Series’ of Notes issued under United Bank for Africa Plc’s (“UB...

31 Oct 2016 In Rating Notifications

GCR Affirms FBN Merchant Bank Limited’s Rating of A-(NG); Stable Outlook

Lagos Nigeria, 31 October 2016 - Global Credit Ratings has affirmed the national scale credit ratings assigned to FBN Merchant Bank Limited of A-(NG) and A2(NG) in the long term and short term respectively; with the outl...

31 Oct 2016 In Rating Notifications

GCR Affirms FCMB Financing SPV Plc’s Series 1&2 Bonds Ratings of BBB(NG) and A-(NG) respectively.

Lagos, 30 September 2016—Global Credit Ratings has today affirmed the national scale long-term credit ratings accorded to the Series 1 and Series 2 Bonds, issued under FCMB Financing SPV Plc’s (“the Issuer”) ...

04 Oct 2016 In Rating Notifications

GCR Affirms Tower Funding Plc’s Series 1 Tranche A and Tranche B Bonds Ratings.

Lagos Nigeria, 30 September 2016 — Global Credit Ratings has affirmed the national scale ratings assigned to Tower Funding Plc’s Medium Term Note Programme as follows: Series 1 Tranche A: CCC(NG)(sf) Series 1 Tranc...

30 Sep 2016 In Rating Notifications

GCR Affirms Aarti Steel Nigeria Limited’s Issuer Rating of BBB-(NG); Outlook Negative.

Lagos Nigeria, 30 September 2016 — Global Credit Ratings has affirmed the national scale issuer ratings assigned to Aarti Steel Nigeria Limited of BBB-(NG) and A3(NG) in the long term and short term respectively; with ...

30 Sep 2016 In Rating Notifications

GCR affirms FSDH Asset Management Ltd’s management quality rating of BBB+(NG)(mq); Outlook Stable

Lagos, 30 September 2016—Global Credit Ratings has affirmed the management quality* rating assigned to FSDH Asset Management Limited of BBB+(NG)(mq); with the outlook accorded as Stable. The rating is valid until A...

30 Sep 2016 In Rating Notifications

GCR Affirms United Bank for Africa Plc’s rating of AA-(NG); Outlook Stable.

Lagos Nigeria, 30 September 2016 — Global Credit Ratings has today affirmed the national scale ratings assigned to United Bank for Africa Plc of AA-(NG) and A1+(NG) in the long term and short term respectively; with th...

30 Sep 2016 In Rating Notifications

GCR Affirms FSDH Merchant Bank Limited’s Rating of A-(NG); Stable Outlook.

Lagos Nigeria, 29 September 2016 - Global Credit Ratings has affirmed the national scale credit ratings assigned to FSDH Merchant Bank Limited of A-(NG) and A2(NG) in the long term and short term respectively; with the o...

30 Sep 2016 In Rating Notifications

GCR affirms UPDC Real Estate Investment Trust Rating of BBB(NG)(f); Outlook Stable.

Lagos, 29 September 2016—Global Credit Ratings has affirmed the national scale long term rating* assigned to UPDC Real Estate Investment Trust of BBB(NG)(f); with the outlook accorded as Stable. RATING RATIONALE ...

30 Sep 2016 In Rating Notifications

GCR Affirms Transcorp Hotels Plc’s national Scale Rating At A-(NG); Outlook Stable

Lagos, 28 September 2016—Global Credit Ratings has affirmed the long term and short term national scale issuer ratings of A-(NG) and A2(NG) respectively, assigned to Transcorp Hotels Plc, with the outlook accorded ...

28 Sep 2016 In Rating Notifications

GCR Affirms Diamond Bank Plc’s rating of BBB+(NG); Outlook Stable

Lagos Nigeria, 23 September 2016 - Global Credit Ratings has affirmed the national scale credit ratings assigned to Diamond Bank Plc of BBB+(NG) and A2(NG) in the long term and short term respectively; with the outlook a...

23 Sep 2016 In Rating Notifications

GCR Affirms First City Monument Bank Limited’s rating of A-(NG); Rating Watch

Lagos Nigeria, 22 September 2016 - Global Credit Ratings has affirmed the national scale credit ratings assigned to First City Monument Bank Limited of A-(NG) and A2(NG) in the long term and short term respectively; with...

22 Sep 2016 In Rating Notifications

GCR Affirms Infinity Trust Mortgage Bank Plc’s rating of BB+(NG); Outlook Stable

Lagos Nigeria, 22 September 2016 - Global Credit Ratings has affirmed the national scale credit ratings assigned to Infinity Trust Mortgage Bank Plc of BB+(NG) and A3(NG) in the long term and short term respectively; wit...

22 Sep 2016 In Rating Notifications

GCR Assigns TrustBond Mortgage Bank Plc a National Scale Rating of BB+(NG); Outlook Stable.

Lagos, 20 September 2016—Global Credit Ratings has accorded TrustBond Mortgage Bank Plc (“TrustBond” or “the bank”) first time, public national scale ratings of BB+(NG) and A3(NG), in the long and short ter...

20 Sep 2016 In Rating Notifications

GCR Assigns TrustBond Mortgage Bank Plc a Servicer Quality Rating of SQ3+(NG); Outlook Stable.

Lagos, 20 September 2016—Global Credit Ratings has accorded TrustBond Mortgage Bank Plc (“TrustBond” or “the bank”) first time, public national scale servicer quality rating# of SQ3+(NG); with the outlook a...

20 Sep 2016 In Rating Notifications

GCR Affirms Stanbic IBTC Bank PLC’s rating of AA-(NG); Places Outlook on Rating Watch.

Lagos Nigeria, 14 September 2016 — Global Credit Ratings has today affirmed the national scale ratings assigned to Stanbic IBTC Bank PLC of AA-(NG) and A1+(NG) in the long-term and short-term respectively; with the out...

14 Sep 2016 In Rating Notifications

GCR Affirms Stanbic IBTC Bank PLC SNP Series 1 (Tranche A and Tranche B) Notes Ratings of A(NG).

Lagos, 14 September 2016—Global Credit Ratings has today affirmed the national scale long-term credit ratings of A(NG) accorded to the Series 1 (Tranche A and Tranche B) Notes issued under Stanbic IBTC Bank PLC (...

14 Sep 2016 In Rating Notifications

GCR Assigns Final Rating of BBB(NG) to Sterling Investment Management SPV PLC’s Series 1 Bonds.

Lagos, 31 August 2016—Global Credit Ratings has today accorded a final, public national scale long term rating of BBB(NG) to Sterling Investment Management SPV PLC’s N7.97bn Series 1 Bonds; with the outlook accor...

01 Sep 2016 In Rating Notifications

GCR accords indicative Bond ratings of BBB(NG) to Mixta Real Estate Plc’s proposed Bond Issues

Lagos, 31 August 2016—Global Credit Ratings has assigned indicative public ratings of BBB(NG) to the proposed Series 1 Bonds and Series 2 Bonds; with the outlook accorded as Stable. The indicative bond ratings expi...

31 Aug 2016 In Rating Notifications

GCR Affirms Nigeria Mortgage Refinance Company Plc’s Series 1 Bonds Rating of AAA(NG)(sf).

Lagos, 31 August 2016—Global Credit Ratings has affirmed the national scale long-term credit rating of AAA(NG)(sf) accorded to Nigeria Mortgage Refinance Company Plc’s Series 1 N8bn Bonds; with the outlook accord...

31 Aug 2016 In Rating Notifications

GCR assigns Walter Ollor Foundation a first time short term Issuer rating of B(NG);Outlook: Evolving

Lagos, 26 August 2016—Global Credit Ratings has assigned a short term national scale Issuer rating of B(NG) to Walter Ollor Foundation and an indicative Issue rating of BB-(NG) to the proposed N2bn Secured Bond. Th...

26 Aug 2016 In Rating Notifications

GCR affirms Lagos State Government of Nigeria’s National Scale Rating at A+(NG); Outlook Stable

Lagos, 26 August 2016—Global Credit Ratings has affirmed the long term national scale rating assigned to Lagos State Government of Nigeria at A+(NG), with the outlook accorded as Stable. Concurrently, the national ...

26 Aug 2016 In Rating Notifications

GCR Affirms Standard Alliance Insurance Plc’s Rating of BBB(NG); Outlook Stable

Lagos Nigeria, 18 August 2016 - Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to Standard Alliance Insurance Plc of BBB(NG), with the outlook accorded as Stable. The rating i...

18 Aug 2016 In Rating Notifications

GCR Affirms WSTC Financial Services Limited’s Rating Of BBB-(NG); Outlook Stable.

Lagos Nigeria, 15 August 2016 - Global Credit Ratings has affirmed the national scale ratings assigned to WSTC Financial Services Limited of BBB-(NG) and A3(NG) in the long term and short term respectively; with the outl...

15 Aug 2016 In Rating Notifications

GCR Downgrades First Bank Of Nigeria Limited’s Rating To A-(NG) ; Outlook Stable

Lagos Nigeria, 05 August 2016 — Global Credit Ratings has downgraded First Bank of Nigeria Limited’s national scale ratings to A-(NG) and A1-(NG) in the long term and short term respectively; with the outlook accorde...

05 Aug 2016 In Rating Notifications

GCR Accords STACO Insurance Plc An Initial Claims Paying Ability Rating Of BBB+(NG); Outlook Stable.

Lagos Nigeria, 4 August 2016—Global Credit Ratings has accorded an initial national scale claims paying ability rating to STACO Insurance Plc of BBB+(NG), with the outlook accorded as Stable. The rating is valid un...

04 Aug 2016 In Rating Notifications

GCR Affirms Access Bank Plc’s Rating Of A+(NG); Outlook Stable.

Lagos Nigeria, 31 July 2016—Global Credit Ratings has affirmed the national scale ratings assigned to Access Bank Plc of A+(NG) and A1(NG) in the long term and short term respectively; with the outlook accorded as ...

01 Aug 2016 In Rating Notifications

GCR Affirms Nigeria Mortgage Refinance Company Plc’s Rating Of BBB+(NG).

Lagos, 19 July 2016—Global Credit Ratings has affirmed the national scale long term rating of BBB+(NG) to Nigeria Mortgage Refinance Company Plc and assigned the national scale short term rating of A2(NG). The rati...

19 Jul 2016 In Rating Notifications

GCR downgrades Skye Bank Plc’s Ratings To BB+(NG), placing it on Rating Watch.

Lagos Nigeria, 4 July 2016—Global Credit Ratings has downgraded the national scale long term rating assigned to Skye Bank Plc to BB+(NG), and maintained the Rating Watch status; pending the full rating review and d...

14 Jul 2016 In Rating Notifications

GCR downgrades Diamond Bank Plc’s rating to BBB+(NG), placing it on Rating Watch.

Lagos Nigeria, 12 July 2016—Global Credit Ratings has downgraded the national scale long term and short term ratings assigned to Diamond Bank Plc to BBB+(NG) and A2(NG) respectively. The ratings have been placed on...

12 Jul 2016 In Rating Notifications

GCR Affirms Sterling Bank Plc’s rating of BBB(NG); outlook Stable

Lagos Nigeria, 08 July 2016 - Global Credit Ratings has affirmed the national scale credit ratings assigned to Sterling Bank Plc of BBB(NG) and A3(NG) in the long term and short term respectively; with the outlook accord...

08 Jul 2016 In Rating Notifications

GCR Affirms Union Bank of Nigeria Plc’s rating of BBB+(NG); outlook Stable

Lagos Nigeria, 1 July 2016 - Global Credit Ratings has affirmed the national scale credit ratings assigned to Union Bank of Nigeria Plc of BBB+(NG) and A2(NG) in the long term and short term respectively; with the outloo...

01 Jul 2016 In Rating Notifications

GCR accords an initial rating of A-(NG) to Forte Oil Plc and its proposed Series 1 Bonds

Lagos, 28 June 2016—Global Credit Ratings has assigned initial national scale ratings to Forte Oil Plc of A-(NG) and A1-(NG) in the long term and short term respectively; with the outlook accorded as Stable. The ra...

28 Jun 2016 In Rating Notifications

GCR assigns Dufil Prima Foods Plc a first time long term Issuer rating of A-(NG); Outlook Stable

Lagos, 27 June 2016—Global Credit Ratings has assigned long term and short term national scale Issuer ratings to Dufil Prima Foods Plc of A-(NG) and A2(NG) respectively. The ratings have been placed on a ‘Stable...

27 Jun 2016 In Rating Notifications

GCR Affirms Fidson Healthcare Plc’s Issuer Rating of BBB(NG); Outlook Stable.

Lagos Nigeria, 24 June 2016 — Global Credit Ratings has affirmed the national scale issuer ratings assigned to Fidson Healthcare Plc of BBB(NG) and A3(NG) in the long term and short term respectively; with the outlook ...

27 Jun 2016 In Rating Notifications

GCR Accords Flour Mills of Nigeria Plc An Initial Rating of BBB+(NG); Outlook Stable.

Lagos Nigeria, 21 June 2016 — Global Credit Ratings has accorded national scale ratings of BBB+(NG) and A2(NG) in the long term and short term respectively to Flour Mills of Nigeria Plc; with the outlook accorded as St...

21 Jun 2016 In Rating Notifications

GCR accords an initial rating of BBB(NG) to Mixta Real Estate Plc; Outlook Stable

Lagos, 16 June 2016—Global Credit Ratings has assigned initial national scale ratings to Mixta Real Estate Plc of BBB(NG) and A3(NG) in the long term and short term respectively; with the outlook accorded as Stable...

17 Jun 2016 In Rating Notifications

GCR Assigns Indicative Rating of BBB(NG) to FCMB Financing SPV Plc’s Series 3 Bonds

Lagos, 13 June 2016—Global Credit Ratings has accorded an indicative#, public national scale long term rating of BBB(NG) to FCMB Financing SPV Plc’s N20bn Series 3 Bonds; with a Rating Watch. The rating is valid ...

13 Jun 2016 In Rating Notifications

GCR Places First City Monument Bank Limited’s Rating of A-(NG) on Rating Watch

Lagos, 10 June 2016— Global Credit Ratings (“GCR”) has today placed First City Monument Bank Limited’s (“FCMB”) long-term and short-term national scale ratings of A-(NG) and A2(NG) respectively on Rating Watc...

13 Jun 2016 In Rating Notifications

GCR Assigns Coronation Merchant Bank Limited A National Scale Rating Of A-(NG); Outlook Stable.

Lagos Nigeria, 1 June 2016—Global Credit Ratings has accorded national scale long term and short term ratings of A-(NG) and A2(NG) respectively, to Coronation Merchant Bank Limited; with the outlook accorded as Sta...

01 Jun 2016 In Rating Notifications

GCR Accords FSDH FUNDING SPV PLC’s Series 1 Bonds a Rating Of A-(NG)

Lagos, 05 May 2016—Global Credit Ratings has accorded an indicative*, public national scale long-term rating of A-(NG) to FSDH FUNDING SPV PLC’s Series 1 N15bn Bonds; with the outlook accorded as Stable. The rati...

11 May 2016 In Rating Notifications

GCR accords indicative ratings of AA-(NG) to Lafarge Africa Plc’s proposed Series 1 & 2 Bond Issues

Lagos, 3 May 2016—Global Credit Ratings has accorded indicative public ratings of AA-(NG), with Stable outlooks, to Lafarge Africa Plc’s proposed Series 1 bond and Series 2 bond Issues respectively. The indicativ...

03 May 2016 In Rating Notifications

GCR Assigns Rand Merchant Bank Nigeria Limited a National Scale Rating of A(NG); Outlook Stable

Lagos, 12 April 2016—Global Credit Ratings has accorded national scale long-term and short-term ratings of A(NG) and A1(NG) respectively to Rand Merchant Bank Nigeria Limited (“RMBNL”); with the outlook accorde...

12 Apr 2016 In Rating Notifications

GCR Accords Wema Bank Plc an Initial Rating of BBB-(NG); Outlook Stable

Lagos Nigeria, 31 March 2016 — Global Credit Ratings has accorded national scale ratings of BBB-(NG) and A3(NG) in the long-term and short-term respectively to Wema Bank Plc; with the outlook accorded as Stable. The ra...

31 Mar 2016 In Rating Notifications

GCR Accords Final Rating of AAA(NG)(sf) to Nigeria Mortgage Refinance Company Plc’s Series 1 Bonds.

Lagos, 30 March 2016—Global Credit Ratings has accorded a final, public national scale long-term rating of AAA(NG)(sf) to Nigeria Mortgage Refinance Company Plc’s Series 1 N8bn Bonds; with the outlook accorded as...

30 Mar 2016 In Rating Notifications

GCR Affirms Leadway Assurance Company Ltd’s Claims Paying Ability Rating Of A+(NG); Outlook Stable

Lagos Nigeria, 18 March 2016—Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to Leadway Assurance Company Limited of A+(NG), with the outlook accorded as Stable. The rati...

18 Mar 2016 In Rating Notifications

GCR Accords AIICO Insurance Plc an Initial Rating of A(NG); outlook Stable

Lagos Nigeria, 14 March 2016 - Global Credit Ratings has accorded an initial national scale claims paying ability rating of A(NG) to AIICO Insurance Plc, with the outlook accorded as Stable. The rating is valid until Nov...

14 Mar 2016 In Rating Notifications

GCR Assigns Final Rating of A-(NG) to FCMB Financing SPV Plc’s Series 2 Bonds.

Lagos, 29 February 2016—Global Credit Ratings has accorded a final, public national scale long term rating of A-(NG) to FCMB Financing SPV Plc’s N23.19bn Series 2 Debt Issuance Programme; with the outlook accorde...

29 Feb 2016 In Rating Notifications

GCR affirms Nigeria Reinsurance Corporation’s Rating of BBB+(NG); Outlook Stable

Lagos Nigeria, 23 February 2016 - Global Credit Ratings has affirmed the national and international scale claims paying ability ratings assigned to Nigeria Reinsurance Corporation of BBB+(NG) and B respectively, with the...

23 Feb 2016 In Rating Notifications

GCR downgrades Unity Bank Plc’s rating to BB-(NG), placing it on Rating Watch.

Lagos Nigeria, 22 February 2016—Global Credit Ratings has today downgraded the national scale long-term and short-term ratings assigned to Unity Bank Plc to BB-(NG) and B(NG) respectively, with the outlook accorded...

23 Feb 2016 In Rating Notifications

GCR Downgrades Tower Funding Plc’s Series 1 Tranche A and Tranche B Bonds Ratings

Lagos, 22 February 2016—Global Credit Ratings has downgraded Tower Funding Plc’s Medium Term Note Programme’s national scale ratings to: Series 1 Tranche A: CCC(NG)(SF) Series 1 Tranche B: B(NG)(SF) The ratings ...

22 Feb 2016 In Rating Notifications

GCR Accords a BBB+(NG)(mq) Management Quality Rating to FSDH Asset Management Ltd; Outlook Stable

Lagos Nigeria, 19 February 2016—Global Credit Ratings has today assigned a national scale management quality* rating to FSDH Asset Management Limited of BBB+(NG)(mq); with the outlook accorded as Stable. The rating...

19 Feb 2016 In Rating Notifications

GCR Affirms Sovereign Trust Insurance Plc’s Rating of A-(NG); outlook Stable

Lagos Nigeria, 29 January 2016 - Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to Sovereign Trust Insurance Plc of A-(NG); with the outlook accorded as Stable. The rating is ...

29 Jan 2016 In Rating Notifications

GCR Accords WAICA Reinsurance Corporation Plc an International CPA Rating Of B+; Outlook Stable

Lagos Nigeria, 22 January 2016—Global Credit Ratings has assigned an initial national scale claims paying ability (CPA) rating to WAICA Reinsurance Corporation Plc at A-(NG), with the outlook accorded as Positive. ...

22 Jan 2016 In Rating Notifications

GCR downgrades Aarti Steel Nig.Ltd’s national scale Issuer rating to BBB-(NG)

Lagos, 22 December 2015—Global Credit Ratings has downgraded the long term national scale rating of Aarti Steel Nigeria Limited to BBB-(NG) and affirmed the short term national scale rating of A3(NG). The ratings h...

22 Dec 2015 In Rating Notifications

GCR Downgrades Tower Funding Plc’s Series 1 Tranche A and Tranche B Bonds

Lagos, 22 December 2015—Global Credit Ratings has downgraded Tower Funding Plc’s Medium Term Note Programme’s national scale ratings to: Series 1 Tranche A: B-(NG)(SF) Series 1 Tranche B: BB+(NG)(SF) The ratings...

22 Dec 2015 In Rating Notifications

GCR affirms Chellarams Plc’s Issuer and Bond Ratings at BB(NG); Outlook Negative

Lagos, 17 December 2015—Global Credit Ratings has affirmed the long term national scale Issuer rating assigned to Chellarams Plc at BB(NG) and maintained the national scale short term rating at B(NG), with the rat...

17 Dec 2015 In Rating Notifications

GCR Affirms NEM Insurance Plc’s Rating of A-(NG); Outlook Positive

Lagos Nigeria, 17 December 2015 - Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to NEM Insurance Plc of A-(NG); with the outlook accorded as Positive. The rating is valid unt...

17 Dec 2015 In Rating Notifications

GCR affirms Cross River State Govt. of Nigeria’s National Scale Rating at BBB-(NG); Outlook Negative

Lagos, 17 December 2015—Global Credit Ratings has affirmed the long term national scale rating assigned to Cross River State Government of Nigeria at BBB-(NG), with the outlook accorded as Negative. Concurrently, t...

17 Dec 2015 In Rating Notifications

GCR Affirms C&I Leasing Plc’s Series1(N940m) Bond’s National Scale Rating of BBB-(NG);Outlook Stable

Lagos, 17 December 2015—Global Credit Ratings has affirmed C&I Leasing Plc’s (“C&I”) Series 1 (N940m) Bond’s national scale long term rating of BBB-(NG); with the outlook accorded as Stable.  T...

17 Dec 2015 In Rating Notifications

GCR Affirms Fidelity Bank Plc’s N30bn Bond’s National Scale Rating of BBB(NG); Outlook Stable.

Lagos, 17 December 2015—Global Credit Ratings has affirmed Fidelity Bank Plc’s N30bn Bond’s national scale long term rating of BBB(NG); with the outlook accorded as Stable.  The rating is valid until Novem...

17 Dec 2015 In Rating Notifications

GCR Affirms Fidelity Bank Plc’s rating of A-(NG); Outlook Stable.

Lagos Nigeria, 17 December 2015 — Global Credit Ratings has today affirmed the national scale long term rating assigned to Fidelity Bank Plc of A-(NG) and downgraded the national scale short term rating to A2(NG); with...

17 Dec 2015 In Rating Notifications

GCR affirms Nasarawa State Govt. of Nigeria’s National Scale Rating at BBB-(NG); Outlook Negative

Lagos, 15 December 2015—Global Credit Ratings has affirmed the long term national scale rating assigned to Nasarawa State Government of Nigeria at BBB-(NG), with the outlook accorded as Negative. Concurrently, the ...

15 Dec 2015 In Rating Notifications

GCR Affirms C&I Leasing Plc’s Ratings of BBB-(NG); Outlook Stable.

Lagos Nigeria, 14 Dec 2015—Global Credit Ratings has affirmed the national scale ratings assigned to C&I Leasing Plc of BBB-(NG) and A3(NG) in the long term and short term respectively; with the outlook accorde...

14 Dec 2015 In Rating Notifications

GCR affirms Ondo State Government of Nigeria’s National Scale Rating at BBB-(NG); Outlook Negative

Lagos, 10 December 2015—Global Credit Ratings has affirmed the long term national scale rating assigned to Ondo State Government of Nigeria at BBB-(NG), with the outlook accorded as Negative. Concurrently, the nati...

10 Dec 2015 In Rating Notifications

GCR Affirms SAMTL’s National Scale Rating of BBB-(NG); Outlook Stable

Lagos, 07 December 2015—Global Credit Ratings has affirmed Sterling Asset Management and Trustees Limited’s, public national scale ratings of BBB-(NG) and A3(NG), in the long and short term respectively; with the...

09 Dec 2015 In Rating Notifications

GCR downgrades Skye Bank Plc’s rating to BBB-(NG), placing it on Rating Watch.

Lagos Nigeria, 30 November 2015—Global Credit Ratings has today downgraded the national scale long term and short term ratings assigned to Skye Bank Plc to BBB-(NG) and A3(NG) respectively, with the outlook accorde...

02 Dec 2015 In Rating Notifications

GCR affirms Nigeria Aviation Handling Company Plc’s rating of A-(NG); Outlook Stable

Lagos, 30 November 2015—Global Credit Ratings has affirmed the long term and short term national scale Issuer ratings assigned to Nigerian Aviation Handling Company Plc of A-(NG) and A2(NG) respectively; ...

01 Dec 2015 In Rating Notifications

GCR affirms Gombe State Government of Nigeria’s National Scale Rating at BBB-(NG); Outlook Negative.

Lagos, 30 November 2015—Global Credit Ratings has affirmed the long term national scale rating assigned to Gombe State Government of Nigeria at BBB-(NG), with the outlook accorded as Negative. Concurrently, the fol...

01 Dec 2015 In Rating Notifications

GCR Affirms Law Union and Rock Insurance Plc’s Rating of BBB+(NG); Outlook - Positive

Lagos Nigeria, 19 November 2015 - Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to Law Union and Rock Insurance Plc of BBB+(NG); with the outlook accorded as Positive. The ra...

19 Nov 2015 In Rating Notifications

GCR Affirms Diamond Bank Plc’s rating of A-(NG); Outlook Stable

Lagos Nigeria, 13 November 2015 — Global Credit Ratings has today affirmed the national scale long term rating assigned to Diamond Bank Plc of A-(NG) and upgraded the national scale short term rating to A1-(NG); with t...

13 Nov 2015 In Rating Notifications

GCR Assigns Indicative Rating of BBB(NG) to Sterling Investment Management SPV PLC’s Series 1 Bonds.

Lagos, 11 November 2015—Global Credit Ratings has accorded an indicative, public national scale long term rating of BBB(NG) to Sterling Investment Management SPV PLC’s N35bn Series 1 Bonds; with the outlook accor...

11 Nov 2015 In Rating Notifications

GCR affirms Delta State Government of Nigeria’s National Scale Rating at A-(NG); Outlook Negative

Lagos, 2 November 2015—Global Credit Ratings has affirmed the long term national scale rating assigned to Delta State Government of Nigeria at A-(NG), with the outlook accorded as Negative. Concurrently, the nation...

02 Nov 2015 In Rating Notifications

GCR upgrades Lafarge Africa Plc’s (formerly Lafarge WAPCO) rating to AA-(NG); Outlook Stable

Lagos, 28 October 2015—Global Credit Ratings has upgraded the long term national scale rating assigned to Lafarge Africa Plc to AA-(NG) and affirmed the national scale short term rating of A1+(NG); with the outlook...

28 Oct 2015 In Rating Notifications

GCR in Lagos Nigeria affirms UPDC Real Estate Investment Trust rating of BBB(NG)(f); Outlook Stable.

Lagos, 20 October 2015—Global Credit Ratings has affirmed the national scale long term rating assigned to UPDC Real Estate Investment Trust of BBB(NG)(f); with the outlook accorded as Stable. The rating is valid u...

20 Oct 2015 In Rating Notifications

GCR affirms Niger State Government of Nigeria’s National Scale Rating at BBB-(NG); Outlook Negative

Lagos, 20 October 2015—Global Credit Ratings has affirmed the long term national scale rating assigned to Niger State Government of Nigeria at BBB-(NG), with the outlook accorded as Negative. Concurrently, the nati...

20 Oct 2015 In Rating Notifications

GCR Affirms FCMB Financing SPV Plc’s Series 1 Bonds Rating of BBB(NG).

Lagos, 15 October 2015—Global Credit Ratings has affirmed the final, public national scale long term rating of BBB(NG) assigned to FCMB Financing SPV Plc’s N26bn Series 1 Bonds; with the outlook accorded as Stab...

19 Oct 2015 In Rating Notifications

GCR accords Standard Alliance Insurance Plc an initial rating of BBB(NG); Rating Watch

Lagos Nigeria, 15 October 2015 - Global Credit Ratings has accorded an initial national scale claims paying ability rating of BBB(NG) to Standard Alliance Insurance Plc, with the rating placed on ‘Rating Watch’. The ...

15 Oct 2015 In Rating Notifications

GCR affirms Fidson Healthcare Plc’s Issuer Rating of BBB(NG), places ratings on Rating Watch

Lagos, 7 October 2015—Global Credit Ratings has affirmed the long term and short term national scale Issuer ratings assigned to Fidson Healthcare Plc of BBB(NG) and A3(NG) respectively. Concurrently, GCR has assign...

07 Oct 2015 In Rating Notifications

GCR Upgrades Ecobank Nigeria Limited’s rating to A(NG); Outlook Stable

Lagos Nigeria, 06 October 2015 — Global Credit Ratings has today upgraded the national scale ratings assigned to Ecobank Nigeria Limited to A(NG) and A1-(NG) in the long term and short term respectively; with the outlo...

06 Oct 2015 In Rating Notifications

GCR Affirms Infinity Trust Mortgage Bank Plc’s Ratings Of BB+(NG); Outlook Positive.

Lagos Nigeria, 30 September 2015—Global Credit Ratings has affirmed the national scale ratings assigned to Infinity Trust Mortgage Bank Plc of BB+(NG) and A3(NG) in the long term and short term respectively; with t...

30 Sep 2015 In Rating Notifications

GCR Affirms FSDH Merchant Bank Limited’s Ratings Of A-(NG); Outlook Evolving.

Lagos Nigeria, 30 September 2015—Global Credit Ratings has affirmed the national scale ratings assigned to FSDH Merchant Bank Limited of A-(NG) and A2(NG) in the long term and short term respectively; with the outl...

30 Sep 2015 In Rating Notifications

GCR affirms Lagos State Government of Nigeria’s National Scale Rating at A+(NG); Outlook Negative

Lagos, 30 September 2015—Global Credit Ratings has affirmed the long term national scale rating assigned to Lagos State Government of Nigeria at A+(NG), with the outlook accorded as Negative. Concurrently, the nati...

30 Sep 2015 In Rating Notifications

GCR Affirms Stanbic IBTC Bank PLC SNP Series 1 (Tranche A and Tranche B) Notes Ratings of A(NG).

Lagos, 22 September 2015—Global Credit Ratings has today affirmed the national scale long-term credit ratings of A(NG) accorded to the Series 1 (Tranche A and Tranche B) Notes issued under Stanbic IBTC Bank PLC (...

22 Sep 2015 In Rating Notifications

GCR accords Custodian Life Assurance Limited an initial rating of A-(NG); Outlook Stable

Lagos Nigeria, 18 September 2015 - Global Credit Ratings has accorded an initial national scale financial strength rating of A-(NG) to Custodian Life Assurance Limited, with the outlook accorded as Stable. The rating is...

18 Sep 2015 In Rating Notifications

GCR Affirms UBA’s MTNP 1 (Series 1 and Series 2) and MTNP 2 (Series 1) Notes Ratings of A(NG).

Lagos, 16 September 2015—Global Credit Ratings has today affirmed the national scale long term credit ratings of A(NG) accorded to the following Series’ of Notes issued under United Bank for Africa Plc’s (&...

18 Sep 2015 In Rating Notifications

GCR accords an initial rating of A-(NG) to Transcorp Hotels Plc & its proposed Series I Bond*

Lagos, 2 September 2015—Global Credit Ratings has assigned national scale ratings to Transcorp Hotels Plc of A-(NG) and A2(NG) in the long term and short term respectively. Concurrently, GCR has assigned a national...

02 Sep 2015 In Rating Notifications

GCR Assigns Indicative Rating of A-(NG) to FCMB Financing SPV Plc’s Series 2 Bonds.

Lagos, 26 August 2015—Global Credit Ratings has accorded an indicative, public national scale long term rating of A-(NG) to FCMB Financing SPV Plc’s N30bn Series 2 Debt Issuance Programme; with the outlook accord...

31 Aug 2015 In Rating Notifications

GCR Affirms Stanbic IBTC Bank PLC’s rating of AA-(NG); Outlook Stable.

Lagos Nigeria, 31 August 2015 — Global Credit Ratings has today affirmed the national scale ratings assigned to Stanbic IBTC Bank PLC of AA-(NG) and A1+(NG) in the long term and short term respectively; with the outloo...

31 Aug 2015 In Rating Notifications

GCR affirms FSDH Asset Management Limited’s manager quality rating of BBB(NG)(mq); Outlook Stable

Lagos, 28 August 2015—Global Credit Ratings has affirmed the manager quality* rating assigned to FSDH Asset Management Limited of BBB(NG)(mq); with the outlook accorded as Stable. The rating is valid until August 2...

31 Aug 2015 In Rating Notifications

GCR Affirms First City Monument Bank’s rating of A-(NG); outlook Stable

Lagos Nigeria, 27 August 2015 - Global Credit Ratings has affirmed the national scale credit ratings assigned to First City Monument Bank of A-(NG) and A2(NG) in the long term and short term respectively; with the outloo...

28 Aug 2015 In Rating Notifications

GCR Affirms United Bank for Africa Plc’s rating of AA-(NG); Outlook Stable.

Lagos Nigeria, 28 August 2015 — Global Credit Ratings has today affirmed the national scale ratings assigned to United Bank for Africa Plc of AA-(NG) and A1+(NG) in the long term and short term respectively; with the o...

28 Aug 2015 In Rating Notifications

GCR Assigns Indicative Rating of A-(NG) to FCMB Financing SPV Plc’s Series 2 Bonds.

Lagos, 26 August 2015—Global Credit Ratings has accorded an indicative, public national scale long term rating of A-(NG) to FCMB Financing SPV Plc’s N30bn Series 2 Debt Issuance Programme; with the outlook accord...

26 Aug 2015 In Rating Notifications

GCR Affirms First Bank of Nigeria Limited’s ratings of AA-(NG) and A1+(NG); Outlook Stable.

Lagos Nigeria, 11 August 2015 — Global Credit Ratings has today affirmed the national scale ratings assigned to First Bank of Nigeria Limited of AA-(NG) and A1+(NG) in the long term and short term respectively; with t...

11 Aug 2015 In Rating Notifications

GCR Affirms WSTC Financial Services Limited Ratings of BBB-(NG); Outlook Stable

Lagos Nigeria, 30 July 2015—Global Credit Ratings has affirmed the national scale ratings assigned to WSTC Financial Services Limited of BBB-(NG) and A3(NG) in the long term and short term respectively; with the o...

30 Jul 2015 In Rating Notifications

GCR Affirms Unity Bank Plc’s ratings of BBB-(NG) and A3(NG); Outlook Evolving.

Lagos Nigeria, 23 July 2015 — Global Credit Ratings has today affirmed the national scale ratings assigned to Unity Bank Plc of BBB-(NG) and A3(NG) in the long-term and short-term respectively; with the outlook accorde...

23 Jul 2015 In Rating Notifications

GCR Affirms Kakawa Discount House Limited Ratings of A-(NG); Outlook Stable.

Lagos Nigeria, 22 July 2015—Global Credit Ratings has affirmed the national scale ratings assigned to Kakawa Discount House Limited of A-(NG) and A2(NG) in the long term and short term respectively; with the outloo...

22 Jul 2015 In Rating Notifications

GCR Affirms Sterling Bank Plc’s ratings of BBB(NG) and A3(NG); Outlook – Stable.

Lagos Nigeria, 08 July 2015—Global Credit Ratings has today affirmed the national scale ratings assigned to Sterling Bank Plc of BBB(NG) and A3(NG) in the long-term and short-term respectively; with the outlook accorde...

08 Jul 2015 In Rating Notifications

GCR Affirms Access Bank Plc’s Ratings Of A+(NG); Outlook Stable.

Lagos Nigeria, 25 June 2015—Global Credit Ratings has affirmed the national scale ratings assigned to Access Bank Plc of A+(NG) and A1(NG) in the long term and short term respectively; with the outlook accorded as ...

25 Jun 2015 In Rating Notifications

GCR Accords Union Bank of Nigeria Plc’s ratings of BBB+(NG) and A2(NG); outlook Stable

Lagos Nigeria, 19 June 2015 — Global Credit Ratings has accorded national scale ratings of BBB+(NG) and A2(NG) in the long term and short term respectively to Union Bank of Nigeria Plc; with the outlook accorded as Sta...

19 Jun 2015 In Rating Notifications

GCR Accords Nigeria Mortgage Refinance Company Plc Rating Of BBB+(NG):

Lagos, 28 May 2015—Global Credit Ratings has accorded a national scale long term rating of BBB+(NG) to Nigeria Mortgage Refinance Company Plc; with the outlook accorded as Stable. The rating is valid until 05/2016....

28 May 2015 In Rating Notifications

GCR Accords Nigeria Mortgage Refinance Company Plc N10bn Bonds an Indicative Rating Of AAA(NG)(sf):

Lagos, 28 May 2015—Global Credit Ratings has accorded an indicative, public national scale long-term rating of AAA(NG)(sf) to Nigeria Mortgage Refinance Company Plc N10bn Bonds; with the outlook accorded as Stable....

28 May 2015 In Rating Notifications

GCR Accords Fidelity Bank Plc’s N30bn Bonds Rating Of BBB(NG).

Lagos, 20 May 2015—Global Credit Ratings has accorded a final, national scale long term rating of BBB(NG) to Fidelity Bank Plc’s N30bn Bonds; with the outlook accorded as Stable. The rating is valid until 11/2015...

20 May 2015 In Rating Notifications

GCR Downgrades five State government ratings, places the Nigerian sub-national sector on ‘Negative Outlook’

Lagos, 18 May 2015—GCR Downgrades five State government ratings, places the Nigerian sub-national sector on ‘Negative Outlook’ BACKGROUND During 2H 2014, GCR had warned in its rating reports that the ...

18 May 2015 In Rating Notifications, Market Alerts

GCR affirms Sovereign Trust Insurance Plc’s rating of A-(NG); outlook Stable

Lagos Nigeria, 23 April 2015 - Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to Sovereign Trust Insurance Plc of A-(NG); with the outlook accorded as Stable. The rating is va...

23 Apr 2015 In Rating Notifications

GCR downgrades State Govt. of Osun of Nigeria’s National Scale Rating to BB(NG); Outlook Negative

Lagos, 14 April 2015—Global Credit Ratings has downgraded the national scale ratings assigned to the State Government of Osun of Nigeria to BB(NG), with the outlook accorded as Negative. Concurrently, the rating of...

15 Apr 2015 In Rating Notifications

GCR Accords FCMB Financing SPV Plc’s Series 1 Bonds Rating of BBB(NG).

Lagos, 10 March 2015—Global Credit Ratings has accorded a final, public national scale long term rating of BBB(NG) to FCMB Financing SPV Plc’s N26bn Series 1 Debt Issuance Programme; with the outlook accorded as...

10 Mar 2015 In Rating Notifications

GCR affirms NEM Insurance Plc’s rating of A-(NG); outlook Stable

Lagos Nigeria, 19 February 2015 - Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to NEM Insurance Plc of A-(NG); with the outlook accorded as Stable. The rating is valid until...

27 Feb 2015 In Rating Notifications

GCR affirms Aarti Steel Nigeria Ltd’s national scale Issuer rating of BBB(NG); Outlook Stable

Lagos, 19 February 2015—Global Credit Ratings has affirmed the long term national scale and short term national scale issuer ratings of BBB(NG) and A3(NG) respectively assigned to Aarti Steel Nigeria Limi...

19 Feb 2015 In Rating Notifications

GCR Accords United Bank for Africa Plc’s N45bn Medium Term Notes Rating Of A(NG).

Lagos, 12 February 2015—Global Credit Ratings has accorded a final, national scale long term rating of A(NG) to United Bank for Africa Plc’s N45bn Series 1 Medium Term Notes; with the outlook accorded as Evolving...

13 Feb 2015 In Rating Notifications

GCR affirms Lagos State Government of Nigeria’s National Scale Rating at A+(NG); Outlook Positive

Lagos, 30 January 2015—Global Credit Ratings has affirmed the long term national scale rating assigned to Lagos State Government of Nigeria at A+(NG), with the outlook accorded as Positive. Concurrently, the follow...

30 Jan 2015 In Rating Notifications

GCR Assigns Indicative BBB(NG) Rating to Fidelity Bank Plc’s N35bn Bonds.

Lagos, 19 December 2014—Global Credit Ratings has accorded an indicative, public national scale long term rating of BBB(NG) to Fidelity Bank Plc’s N35bn Bonds; with the outlook accorded as Stable. The rating is v...

24 Dec 2014 In Rating Notifications

GCR Downgrades Chellarams Plc’s Issuer and Bond Ratings to BB(NG); Outlook Stable

Lagos, 22 December 2014—Global Credit Ratings has downgraded the long term national scale Issuer rating assigned to Chellarams Plc to BB(NG) and maintained the national scale short term rating at B(NG). Concurrentl...

22 Dec 2014 In Rating Notifications

GCR Affirms Unity Bank Plc’s ratings of BBB-(NG) and A3(NG); Rating watch.

Lagos Nigeria, 22 December 2014 — Global Credit Ratings has today affirmed the national scale ratings assigned to Unity Bank Plc of BBB-(NG) and A3(NG) in the long and short term respectively; Rating watch. The ratings...

22 Dec 2014 In Rating Notifications

GCR affirms C&I Leasing Plc’s Series 1 Bonds Rating of BBB-(NG); with Stable Outlook.

Lagos, 18 December 2014—Global Credit Ratings has affirmed the national scale long term rating assigned to C&I Leasing Plc Debt Issuance Programme (Series 1) of BBB-(NG); with the outlook accorded as Stable. Th...

22 Dec 2014 In Rating Notifications

GCR Assigns a National Scale Long Term Fund Rating of A-(NG)(F) to Nigeria International Debt Fund.

Lagos, 19 December 2014—Global Credit Ratings has assigned a public national scale long term fund rating of A-(NG)(f) to Nigeria International Debt Fund; with the outlook accorded as Stable. The rating is valid unt...

22 Dec 2014 In Rating Notifications

GCR Assigns Sterling Asset Management and Trustees Limited a Rating of BBB-(NG); Outlook Stable

Lagos, 19 December 2014—Global Credit Ratings has accorded Sterling Asset Management and Trustees Limited first time, public national scale ratings of BBB-(NG) and A3(NG), in the long and short term respectively; w...

22 Dec 2014 In Rating Notifications

GCR Affirms Fidelity Bank Plc’s Ratings Of A-(NG); Outlook Stable.

Lagos Nigeria, 19 December 2014—Global Credit Ratings has affirmed the national scale ratings assigned to Fidelity Bank Plc of A-(NG) and A1-(NG) in the long term and short term respectively; with the outlook accor...

19 Dec 2014 In Rating Notifications

GCR affirms Leadway Assurance Company Limited’s rating of A+(NG); outlook Stable

Lagos Nigeria, 19 December 2014 - Global Credit Ratings has affirmed the national scale claims paying ability rating assigned to Leadway Assurance Company Limited of A+(NG); with the outlook accorded as Stable. The ratin...

19 Dec 2014 In Rating Notifications

GCR Downgrades Tower’s Medium Term Note Programme Series 1 Tranche A and Tranche B Bonds Ratings

Lagos, 18 December 2014—Global Credit Ratings has downgraded Tower Funding Plc’s Medium Term Note Programme’s national scale ratings to: Series 1 Tranche A: B+(NG)(SF), Series 1 Tranche B: A(NG)(SF) The ratings...

19 Dec 2014 In Rating Notifications

GCR affirms The La Casera Company Plc’s Issuer and Bond Ratings of BBB+(NG)

Lagos, 18 December 2014—Global Credit Ratings has affirmed the long term and short term national scale Issuer ratings assigned to The La Casera Company Plc of BBB+(NG) and A2(NG) respectively; with the outlook reta...

19 Dec 2014 In Rating Notifications

GCR affirms Ondo State Government of Nigeria’s National Scale Rating at BBBNG); Outlook Stable

Lagos, 19 December 2014—Global Credit Ratings has affirmed the long term national scale rating assigned to Ondo State Government of Nigeria at BBB(NG), with the outlook accorded as Stable. Concurrently, the nationa...

19 Dec 2014 In Rating Notifications

GCR affirms Nasarawa State Government of Nigeria’s National Scale Rating at BBBNG); Outlook Stable.

Lagos, 19 December 2014—Global Credit Ratings has affirmed the long term national scale rating assigned to Nasarawa State Government of Nigeria at BBB(NG), with the outlook accorded as Stable. Concurrently, the nat...

19 Dec 2014 In Rating Notifications

GCR affirms UPDC Real Estate Investment Trust rating of BBB(NG)(f); Outlook Stable

Lagos, 17 December 2014—Global Credit Ratings has affirmed the national scale long term fund rating assigned to UPDC Real Estate Investment Trust of BBB(NG)(f); with the outlook accorded as Stable.  The rating...

18 Dec 2014 In Rating Notifications

GCR affirms Gombe State Government of Nigeria’s National Scale Rating at BBB(NG); Outlook Stable

Lagos, 12 December 2014—Global Credit Ratings has affirmed the long term national scale rating assigned to Gombe State Government of Nigeria at BBB(NG), with the outlook accorded as Stable. Concurrently, the follow...

12 Dec 2014 In Rating Notifications

GCR assigns Cross River State Govt. of Nigeria a National Scale Rating of BBB(NG); Outlook Stable

Lagos, 12 December 2014—Global Credit Ratings has assigned the Cross River State Government of Nigeria a first time long term national scale rating of BBB(NG), with the outlook accorded as Stable. Concurrently, the...

12 Dec 2014 In Rating Notifications

GCR affirms Delta State Government of Nigeria’s National Scale Rating at A-(NG); Outlook Positive

Lagos, 08 December 2014—Global Credit Ratings has affirmed the long term national scale rating assigned to Delta State Government of Nigeria at A-(NG), with the outlook accorded as Positive. Concurrently, the ratin...

08 Dec 2014 In Rating Notifications

GCR Upgrades Africa Finance Corporation rating to AA+(NG); outlook - Positive

Lagos Nigeria, 4 December 2014 - Global Credit Ratings has upgraded the long term national scale rating of Africa Finance Corporation to AA+(NG), and affirmed the short term rating at A1+(NG), with the outlook accorded a...

05 Dec 2014 In Rating Notifications

HMK Real Estate Investment Trust Accorded BBB(NG)(f) Indicative Rating.

Lagos, 03 December 2014—Global Credit Ratings has accorded an indicative, public national scale long term rating of BBB(NG)(f) to HMK Real Estate Investment Trust; with the outlook accorded as Evolving. RATING RA...

04 Dec 2014 In Rating Notifications

GCR Assigns Indicative Rating to FCMB Financing SPV Plc’s Series 1 Bonds

Lagos, 03 December 2014—Global Credit Ratings has accorded an indicative, public national scale long term rating of BBB(NG) to FCMB Financing SPV Plc’s N26bn Series 1 Debt Issuance Programme; with the outlook ac...

04 Dec 2014 In Rating Notifications

GCR Affirms C&I Leasing Plc’s ratings of BBB-(NG) and A3(NG); Outlook – Stable

Lagos Nigeria, 01 December 2014 — Global Credit Ratings has affirmed the national scale ratings assigned to C&I Leasing Plc of BBB-(NG) and A3(NG) in the long and short term respectively; with the outlook accorded ...

01 Dec 2014 In Rating Notifications

GCR Assigns Indicative Rating to United Bank for Africa Plc’s N45bn Medium Term Notes

Lagos, 01 December 2014 - Global Credit Ratings has accorded an indicative, public national scale long term rating of A(NG) to United Bank for Africa Plc’s N45bn Series 1 Medium Term Notes; with the outlook accorded as...

01 Dec 2014 In Rating Notifications

Mutual Alliance Investment and Securities Limited Accorded BB(NG) Rating.

Lagos, 25 November 2014—Global Credit Ratings has accorded the public national scale long term rating of BB(NG) to Mutual Alliance Investment and Securities Limited; with the outlook accorded as Stable. RATING RAT...

26 Nov 2014 In Rating Notifications

GCR Accords Nigeria Reinsurance Corporation Claims Paying Ability Rating Of BBB+(NG)

Lagos Nigeria, 05 November 2014—Global Credit Ratings has assigned both a national and international scale claims paying ability ratings to Nigeria Reinsurance Corporation of BBB+(NG) and B respectively; with the o...

05 Nov 2014 In Rating Notifications

Stanbic IBTC Bank PLC’s Structured Note Programme Series 1 Accorded A(NG) Rating

Lagos, 03 November 2014—Global Credit Ratings has accorded the final, public national scale long term rating of A(NG) to Stanbic IBTC Bank PLC’s Structured Note Programme Series 1 (Tranche A and Tranche B); with ...

04 Nov 2014 In Rating Notifications

GCR affirms Nigeria Aviation Handling Company Plc’s rating of A-(NG); Outlook Stable

Lagos, 31 October 2014—Global Credit Ratings has affirmed the long term and short term national scale Issuer ratings assigned to Nigerian Aviation Handling Company Plc of A-(NG) and A2(NG) respectively; with the ou...

04 Nov 2014 In Rating Notifications

GCR Affirms Ecobank Nigeria Limited’s ratings of A-(NG) and A2(NG); Outlook – Positive.

Lagos Nigeria, 0 3 November 2014 — Global Credit Ratings has today affirmed the national scale rating assigned to Ecobank Nigeria Limited of A-(NG) and A2(NG) in the long and short term respectively; with the outlook a...

03 Nov 2014 In Rating Notifications

GCR Affirms Diamond Bank Plc’s rating of A-(NG); outlook - Positive

Lagos Nigeria, 30 October 2014 - Global Credit Ratings has affirmed the national scale ratings assigned to Diamond Bank Plc of A-(NG) and A2(NG) in the long term and short term respectively; with the outlook accorded as ...

30 Oct 2014 In Rating Notifications

GCR Affirms FSDH Merchant Bank Limited’s Ratings Of A-(NG); Outlook Evolving.

Lagos Nigeria, 15 October 2014—Global Credit Ratings has affirmed the national scale ratings assigned to FSDH Merchant Bank Limited of   A-(NG) and A2(NG) in the long term and short term respectively; with the...

15 Oct 2014 In Rating Notifications

GCR Assigns BBB+(NG) to Law Union and Rock Insurance Plc; outlook - Positive

Lagos Nigeria, 8 October 2014 - Global Credit Rating has assigned a national scale claims paying ability rating of BBB+(NG) to Law Union and Rock Insurance Plc; with the outlook accorded as Positive. The rating(s) are va...

08 Oct 2014 In Rating Notifications

GCR affirms Niger State Government of Nigeria’s National Scale Rating at BBB(NG); Outlook Stable

Lagos, 08 October 2014—Global Credit Ratings has affirmed the national scale ratings assigned to Niger State Government of Nigeria at BBB(NG), with the outlook accorded as Stable. Concurrently, the rating of the N9...

08 Oct 2014 In Rating Notifications

GCR Affirms First Bank of Nigeria Limited’s ratings of AA-(NG) and A1+(NG); Outlook – Stable

Lagos Nigeria, 29 September 2014 — Global Credit Rating has today affirmed the national scale rating assigned to First Bank of Nigeria Limited of AA-(NG) and A1+(NG) in the long and short term respectively; with the ou...

29 Sep 2014 In Rating Notifications

GCR Downgrades Kakawa Discount House Limited Ratings To A-(NG); Outlook Evolving.

Lagos Nigeria, 26 Sept. 2014—Global Credit Ratings has downgraded the national scale ratings assigned to Kakawa Discount House Limited to A-(NG) and A1-(NG) in the long term and short term respectively; with the lo...

26 Sep 2014 In Rating Notifications

GCR Affirms Infinity Trust Mortgage Bank Plc’s Ratings Of BB+(NG); Outlook Positive.

Lagos Nigeria, 26 Sept. 2014—Global Credit Ratings has affirmed the national scale ratings assigned to Infinity Trust Mortgage Bank Plc of BB+(NG) and A3(NG) in the long term and short term respectively; with the l...

26 Sep 2014 In Rating Notifications

GCR Upgrades Access Bank Plc’s Rating to A+(NG); Outlook Stable

Lagos, 22 September 2014—Global Credit Ratings has upgraded the national scale long term rating assigned to Access Bank Plc to A+(NG) and maintained the assigned short-term rating of A1(NG); with the outlook accord...

24 Sep 2014 In Rating Notifications

GCR affirms Fidson’s Issuer rating and assigns an indicative rating to the proposed Bond Issue

Lagos, 23 September 2014—Global Credit Ratings has affirmed the long term national scale and short term national scale issuer ratings of BBB(NG) and A3(NG) respectively assigned to Fidson Healthcare Plc; with the o...

23 Sep 2014 In Rating Notifications

GCR affirms national scale rating of UBA Plc’s Medium Term Note Programme with Evolving outlook

Lagos, 18 September 2014—Global Credit Ratings has affirmed the national scale long term rating assigned to United Bank for Africa Plc Medium Term Notes Programme (Series 1 and Series 2) of A(NG); with the outlook ...

19 Sep 2014 In Rating Notifications

GCR affirms FSDH Asset Management Limited’s national scale rating of BBB(NG)(mq);with stable outlook

Lagos, 18 September 2014—Global Credit Ratings has affirmed the national scale long term rating assigned to FSDH Asset Management Limited of BBB(NG)(mq); with the outlook accorded as Stable. RATING RATIONALE Gl...

19 Sep 2014 In Rating Notifications

GCR affirms Lafarge Cement WAPCO Nigeria Plc’s long term rating of A+; Outlook Stable

Lagos, 17 September 2014—Global Credit Ratings has affirmed the long term national scale and short term national scale issuer ratings of A+(NG) and A1+(NG) respectively assigned to Lafarge Cement WAPCO Nigeria Plc ...

18 Sep 2014 In Rating Notifications

GCR affirms State Government of Osun of Nigeria’s National Scale Rating at BBB(NG); Outlook Stable

Lagos, 17 September 2014—Global Credit Ratings has today affirmed the national scale ratings assigned to the State Government of Osun of Nigeria at BBB(NG), with the outlook accorded as stable. Concurrently, the ra...

18 Sep 2014 In Rating Notifications

GCR Upgrades First City Monument Bank’s rating to A-(NG); outlook Stable

Lagos Nigeria, 3 September 2014 - Global Credit Rating has upgraded the long term national scale rating of First City Monument Bank to A-(NG), and affirmed the short term rating at A2(NG) with both outlooks accorded as S...

04 Sep 2014 In Rating Notifications

Fortis Microfinance Bank Plc’s Rating of BB+(NG) accorded by Global Credit Rating has expired

Lagos, 1 September 2014 — Fortis Microfinance Bank Plc’s (“Fortis”) national scale issuer ratings of BB+(NG) and A3(NG) in the long term and short term respectively have expired. GCR no longer supports the rating...

03 Sep 2014 In Rating Notifications

Credit Direct Limited’s Rating of BBB-(NG) accorded by Global Credit Rating has expired

Lagos, 1 September 2014 — Credit Direct Limited’s (“Credit Direct”) national scale issuer ratings of BBB-(NG) and A3(NG) in the long term and short term respectively have expired. GCR no longer supports the ratin...

03 Sep 2014 In Rating Notifications

GCR assigns an indicative national scale rating to Stanbic IBTC Bank PLC’s Structured Note Programme

Lagos, 8 August 2014—Global Credit Ratings has assigned an indicative national scale long term rating of A(NG) to Stanbic IBTC Bank PLC ‘s Structured Note Programme (Series 1); with the outlook accorded as Stable...

14 Aug 2014 In Rating Notifications

GCR Affirms Stanbic IBTC Bank PLC’s ratings of AA-(NG); Outlook – Positive

Lagos Nigeria, 8 August 2014 — Global Credit Ratings has today affirmed the national scale long and short term rating assigned to Stanbic IBTC Bank PLC of AA-(NG) and A1+(NG) respectively; with outlooks accorded as Pos...

08 Aug 2014 In Rating Notifications

GCR Affirms United Bank for Africa Plc’s ratings of AA-(NG); Outlook – Evolving.

Lagos Nigeria, 7 August 2014 — Global Credit Rating has today affirmed the national scale long and short term rating, as well as the international scale rating assigned to United Bank for Africa Plc of AA-(NG) and A1+(...

07 Aug 2014 In Rating Notifications

GCR Affirms WSTC Financial Services Limited ratings of BBB-(NG); Outlook Positive

Lagos Nigeria, 4 Aug 2014—Global Credit Ratings has today affirmed the national scale ratings assigned to WSTC Financial Services Limited of BBB-(NG) and A3(NG) in the long term and short term respectively; with th...

04 Aug 2014 In Rating Notifications

GCR Affirms Skye Bank Plc’s rating of A-(NG); outlook - Stable

Lagos Nigeria, 31 July 2014 - Global Credit Rating has affirmed the long term national scale and upgraded the short term national scale ratings of A-(NG) and A1-(NG) respectively, assigned to Skye Bank Plc; with the outl...

31 Jul 2014 In Rating Notifications

GCR extends “Rating Watch” on Sovereign Trust Insurance Plc Rating.

Nigeria, 4 July 2014—Global Credit Ratings has today extended the “Rating Watch” on the national scale claims paying ability rating of A-(NG) assigned to Sovereign Trust Insurance Plc. BACKGROUND GCR placed...

07 Jul 2014 In Rating Notifications

GCR Affirms Sterling Bank Plc’s ratings of BBB(NG) and A3(NG); Outlook – Stable

Lagos Nigeria, 24 June 2014—Global Credit Ratings has today affirmed the national scale rating assigned to Sterling Bank Plc of BBB(NG) and A3(NG) in the long term and short term, respectively; with the outlook accorde...

03 Jul 2014 In Rating Notifications

GCR extends “Rating Watch” on Dana Group of Companies Plc’s ratings

Nigeria, 10 Jun 2014—Global Credit Ratings has today extended the “Rating Watch” on the long term national scale and short term national scale issuer ratings of BB+(NG) and B(NG) respectively assigned to Dana G...

11 Jun 2014 In Rating Notifications

GCR in Lagos Nigeria affirms UPDC Real Estate Investment Trust rating of BBB(NG)(f); Outlook Stable.

Lagos, 14 May 2014—Global Credit Ratings has affirmed the national scale long term rating assigned to UPDC Real Estate Investment Trust of BBB(NG)(f); with the outlook accorded as Stable. RATING RATIONALE Global...

26 May 2014 In Rating Notifications

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Recent Rating Reports

10 Oct 2017: Rand Merchant Bank Nigeria Limited

10 Oct 2017: Leadway Assurance Company Limited

10 Oct 2017: North South Power Company Limited

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10 Oct 2017: Nigeria Mortgage Refinance Company Plc

10 Oct 2017: Dangote Cement Plc

10 Oct 2017: Fortis Microfinance Bank Plc

10 Oct 2017: Flour Mills of Nigeria

10 Oct 2017: Sterling Investment Management SPV PLC

10 Oct 2017: FSDH Merchant Bank Limited

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