Intelligence Africa assigns ‘AAA.NG’ national scale rating to InfraCredit

Intelligence Africa Ratings assigned InfraCredit a first-time ‘AAA.NG’ national scale long-term issuer credit rating with a stable outlook, highlighting the infrastructure credit guarantor’s strong balance sheet and risk controls as it scales up activity in Nigeria’s debt capital markets.

The rating reflects InfraCredit’s robust capitalisation, strong liquidity buffers and sound profitability, alongside the quality of its guarantee portfolio, the agency said.

InfraCredit has recorded no guarantee claims since inception, a track record that supports its ability to manage risk as guarantee volumes expand.

Intelligence Africa also pointed to the firm’s risk-sharing partnerships with highly rated development finance institutions, which help strengthen balance-sheet resilience as the portfolio grows.

Capital and liquidity levels remain well above internal and regulatory thresholds, with a conservative balance sheet providing additional headroom, according to the agency.

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The stable outlook signals an expectation that InfraCredit will maintain its relative credit positioning within Nigeria’s financial institutions peer group over the outlook horizon, supported by sustained solvency and liquidity metrics.

InfraCredit’s ‘AAA.NG’ rating also reflects a strengthened institutional profile following its transition to a publicly listed, market-facing entity and its admission to trading on the NASD, moves that enhance financial flexibility.

Domestic institutional investors now account for more than 40 percent of equity ownership, while operations under the Securities and Exchange Commission’s Credit Enhancement Framework have improved governance, transparency and regulatory oversight.

“Our AAA rating reflects the strength and maturity of InfraCredit’s evolving institutional platform,” Chinua Azubike CEO of InfraCredit said.

He cited the firm’s listed status, growing domestic institutional ownership and enhanced governance under SEC regulation, adding that the structure “demonstrates how risk-sharing partnerships can reshape the pricing and mobilisation of long-term domestic capital as emerging capital markets deepen.”

Founded in 2017, InfraCredit provides credit guarantees for local-currency debt instruments issued to finance infrastructure projects across power, transportation, logistics, gas-to-power, telecommunications, manufacturing, healthcare, renewable energy and affordable housing.

Its guarantees are designed to enhance the credit quality of infrastructure bonds and channel long-term domestic institutional capital into Nigeria’s debt markets.

The Intelligence Africa assessment adds to InfraCredit’s established credit track record. The company has maintained national scale ‘AAA’ ratings from Agusto & Co. and Global Credit Ratings for eight consecutive years and has also received ‘AAA(nga)’ national scale ratings from Fitch Ratings for three consecutive cycles.