Beyond statutory requirement, the ratings serves to ensure sustained investors confidence (both existing and potential) in the State’s economic viability. The State engaged the services of an International Rating Organisation (Fitch Rating Agency). Assign ratings to the state, as an issuer and its bonds since the inception of the Bond Issuance Programme in Year 2013, with the following assigned ratings;
5 YEAR RATINGS OF FITCH RATING AGENCY TO THE STATE
2016/2017 |
2017/2018 |
2018/2019 |
2019/2020 |
2020/2021 |
| Foreign Currency: B+ | Foreign Currency: B+ | Foreign Currency: B+ | Foreign Currency: B+ | Foreign Currency: B+ |
| Short Term Rating: B | Short Term Rating: B | Short Term Rating: B | Short Term Rating: B | Short Term Rating: B |
| Short Term Rating: B | Short Term Rating: B | Short Term Rating: B | Short Term Rating: B | Short Term Rating: B |
|
National Currency: AA+ (nga) |
National Currency: AA+ (nga) |
National Currency: AA+ (nga) | National Currency: AA+ (nga) | National Currency: AA+ (nga) |
OUTLOOK |
OUTLOOK |
OUTLOOK |
OUTLOOK |
OUTLOOK |
| Long Term Foreign Currency: Negative | Long Term Foreign Currency: Negative | Long Term Foreign Currency: Negative | Long Term Foreign Currency: Negative | Long Term Foreign Currency: Negative |
| Long Term Local Currency: Negative | Long Term Local Currency: Negative | Long Term Local Currency: Negative | Long Term Local Currency: Negative | Long Term Local Currency: Negative |
| National Long Term Rating: Stable | National Long Term Rating: Stable | National Long Term Rating: Stable | National Long Term Rating: Stable | National Long Term Rating: Stable |
Source: Debt Managment Office, 2021
The Local Rating Agencies, Agusto & Co. Ltd and Global Credit Rating, have satisfactorily rated the State and it’s Bonds annually since the inception of the Bond programme, latest being 2020/2021 rating reports as follows;
5 YEAR GCR ISSUER AND BOND RATING
| 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|
|
ISSUER: A+ STABLE
|
ISSUER: A+ STABLE | ISSUER: A+ STABLE | ISSUER: A+ STABLE | ISSUER: A+ STABLE |
|
N38.8 BLLION BOND: nil
|
N38.8 BILLION BOND: AA - STABLE | N38.8 BILLION BOND: AA - STABLE | N38.8 BILLION BOND: AA - STABLE | N38.8 BILLION BOND: AA - STABLE |
|
N5.3 BILLION BOND: nil
|
N5.3 BLLION BOND: AA - STABLE | N5.3 BLLION BOND: AA - STABLE | N5.3 BLLION BOND: AA - STABLE | N5.3 BLLION BOND: AA - STABLE |
|
N100 BIILLION BOND: nil |
N100 BILLION BOND: nil |
N100 BILLION BOND: nil | N100 BILLION BOND: A+ POSITIVE | N100 BILLION BOND: A+ POSITIVE |
Source: Debt Managment Office, 2021
N47 BILLION Bond 16.5% 7 Year was issued in December, 2016 and fully redeemed in June 2021 (P3S1)
N87.5 BILLION Bond 13.5% 7 Year was issued in November, 2013 and fully redeemed in November 2020 (P2S2)
N97.387 BILLION Bond
- N46.37 BILLION 16.75% 7 Year was issued in August, 2017 and fully redeemed in February 2021 (P3S2T1)
- N38.77 BILLION Bond 17.25% 10 Year was issued in August, 2017 (P3S2T1)
- N6.911 BILLION Bond 15.60% 7 Year was issued in January, 2018 and fully redeemed in February 2021 (P3S2T3)
- N5.336 BILLION Bond 15.85% 10 Year was issued in January, 2018 (P3S2T4)
N100 BILLION Bond 12.25% 10 Year was issued in January, 2020