Intelligence Africa Ratings has assigned InfraCredit the first national long-term issuer credit rating with a stable outlook of ‘AAA.NG’, highlighting the InfraCredit Guarantee Company’s strong balance sheet and risk management as it expands its activities in Nigeria’s debt capital markets.
The agency said the rating reflects InfraCredit’s strong capitalization, strong liquidity buffers and healthy profitability, along with the quality of its guarantee portfolio.
InfraCredit has not recorded any warranty claims since its inception. This track record confirms our ability to manage risks as we increase the amount guaranteed.
Intelligence Africa also pointed to the company’s risk-sharing partnerships with highly rated development finance institutions, which help strengthen balance sheet resilience as the portfolio grows.
The agency said its capital and liquidity levels remain well above internal and regulatory standards, and its conservative balance sheet provides additional headroom.
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The stable outlook reflects the expectation that InfraCredit will maintain its relative credit standing within the Nigerian financial institution peer group over the outlook period, supported by sustained solvency and liquidity metrics.
InfraCredit’s “AAA.NG” rating also reflects its strengthening of its institutional profile following its move to become a market-facing public company and its entry into trading on the NASD, a move that increases its financial flexibility.
Domestic institutional investors now account for more than 40% of the company’s stock ownership, and its operation under the Securities and Exchange Commission’s Credit Enhancement Framework improves governance, transparency, and regulatory oversight.
“Our AAA rating reflects the strength and maturity of InfraCredit’s evolving institutional platform,” said InfraCredit CEO Chinua Azbaik.
He cited the company’s listed status, increased ownership by domestic institutional investors, and stronger governance under SEC regulations, adding that the structure “demonstrates how risk-sharing partnerships can reshape pricing and long-term domestic capital mobilization as emerging capital markets deepen.”
Founded in 2017, InfraCredit provides credit guarantees for local currency debt instruments issued to finance infrastructure projects such as power, transportation, logistics, gas power generation, telecommunications, manufacturing, healthcare, renewable energy, and affordable housing.
The guarantee is aimed at enhancing the credit quality of infrastructure bonds and attracting domestic long-term institutional capital to the Nigerian bond market.
Intelligence Africa’s assessment further strengthens InfraCredit’s established credit track record. The company has maintained a national ‘AAA’ rating from Agust & Company and Global Credit Ratings for eight consecutive years, and has received a national ‘AAA(NGA)’ rating from Fitch Ratings for three consecutive cycles.
