19th January 2026: Credit Rating Announcement: Intelligence Africa Ratings assigns AAA.NG first-time national scale long-term issuer credit rating to Infrastructure Credit Guarantee Company Plc
Rating Rationale
Infrastructure Credit Guarantee Company Plc’s (InfraCredit) AAA.NG national scale long-term issuer credit rating is underpinned by a very strong Standalone Credit Score of 9.2. InfraCredit’s credit rating reflects the guarantor’s strengths:
1. Strong capitalisation
2. Robust guarantee quality as evidenced by zero claims
3. Relatively high profitability
4. Large liquidity buffers
5. Risk sharing partnerships with highly rated development finance institutions (DFIs)
These strengths are partially offset by:
1. Concentration risks given the size of its portfolio
2. Elevated market risk stemming from a sizeable net foreign currency position
After all applicable adjustments, the Adjusted Credit Score (ACS) of 9.2 maps to a AAA.NG long-term and A1.NG short-term credit rating.
Outlook: Stable
The Stable Outlook reflects Intelligence Africa’s expectation that InfraCredit will maintain its current relative credit positioning within the Nigerian financial institutions peer group over the outlook horizon. Solvency and liquidity metrics are expected to remain strong and commensurate with current levels, supported by high capital buffers, conservative underwriting, and robust liquidity, with no anticipated deterioration that would materially alter InfraCredit’s standing relative to peers.
Upgrade Triggers
An upgrade is not anticipated, as InfraCredit is already rated at AAA.NG, the highest level on the national rating scale.
Downgrade Triggers
Downward rating pressure could arise if there is a significant guarantee call or series of guarantee calls that result in a sustained weakening of capital buffers or liquidity.
Additional negative rating pressure could emerge from a material increase in exposure concentration, whether through a sharp rise in single-name risk or sectoral concentration, without commensurate risk mitigation.
A structural weakening of the funding profile, such as reduced availability of long-term DFI funding or a shift toward more confidence-sensitive wholesale funding, could also be negative for the rating.
Furthermore, a significant increase in unhedged foreign currency exposure that heightens earnings or capital volatility may exert downward pressure.
Issuer Background and Analytical Framework
InfraCredit is a specialised non-bank financial institution established in 2017 to provide credit guarantees on local-currency debt instruments issued to finance eligible infrastructure projects in Nigeria. The company operates as a financial guarantor, enhancing the credit quality of infrastructure-related bond issuances and facilitating long-term domestic capital market funding, particularly from pension funds and institutional investors.
For the purposes of this rating, Intelligence Africa applies its Financial Institutions Rating Framework (which assesses the credit risk profile of commercial banks, development banks and specialised institutions like guarantors). While InfraCredit is not a deposit-taking commercial bank, its balance sheet structure, liquidity management, and financial risk profile are more closely aligned with financial institutions than with corporates or generic non-bank financial service providers. IA therefore considers this methodological application appropriate.
InfraCredit guarantees debt across sectors including power, gas-to-power, transportation, logistics, ICT/telecommunications, manufacturing, healthcare, renewable energy, and affordable housing. As at the latest review, the guaranteed portfolio comprised 21 counterparties.