CLIENT RATING TYPE RATING OUTCOME
SFS Fixed Income Fund Fund Rating AA(F)
SFS Capital Nig. Ltd. (Investment Manager) Corporate Rating A–
Greenwich Plus Money Market Fund Fund Rating A(F)
ARM Trustees Limited Corporate Rating BBB
Capital Trust Investments & Asset Mgmt. Limited Corporate Rating BBB+
Sterling Investment Management SPV Plc. Bond Rating A
Sterling Bank Plc Corporate Rating BBB+
Ecobank Nigeria Limited Corporate Rating A‑
Ecobank ENG Funding SPV Plc. Bond Rating A
STL Trustees Limited Corporate Rating A+
Coretrust Core Value Account Fund Rating BBB(F)
Union Bank Plc Corporate Rating A–
Union Bank Plc Bond Rating BBB+
Anchoria Fixed Income Fund Fund Rating A(F)
Anchoria Money Market Fund Fund Rating A+(F)
Coronation MB Funding SPV Plc. Bond Rating A+
Primero BRT Securitisation SPV Plc. Bond Rating A
Skye Shelter Fund Fund Rating A(f)
ARM Capital Partners Ltd. (Investment Manager) Corporate Rating BBB
Coretrust Core Investment Money Market Fund Fund Rating BBB(F)
Providus Bank Plc. Corporate Rating BBB
Dufil Prima Foods Plc. Bond Rating A
Dufil Prima Foods Plc. Corporate Rating A–
PAC Asset Management Ltd.

PACAM Money Market Fund

 Fund Rating A(f)
Union Capital Markets Ltd Corporate Rating A
United Capital Plc (Investment Manager) Corporate Rating A
Flour Mills of Nigeria Plc Corporate Rating A–
Africa Plus Partners (Investment Manager) Corporate Rating BBB+
UCML Capitals Limited (Investment Manager) Corporate Rating A
Brains and Hammers Corporate Rating BBB
Purples Receivables SPV Plc (Tranches 1 & 2) Bond Rating A , A–
Structured Secured STRIP SPV Plc (Series 1 & 2) Bond Rating AAA, AAA
Ondo Bond Government Issue and Issuer Rating A, BBB
Zenith Bank Plc Corporate Rating AA‑
Unity Bank Plc Corporate Rating BB+
NAHCO Aviation Handling Company Plc Bond Rating A–
Trustbanc Asset Management Limited Fund Rating A-(F)
Fortis Micro-finance Bank Plc Corporate Rating A+
UACN Property Development Company Limited Bond Rating A–
Depthwize Nigeria Limited Structured Finance Rating A+
CERPAC Receivables Funding SPV Plc Structured Finance Rating AA
United Capital Plc (Series 1 & 2) Bond Rating A–, A–
Guaranty Trust Bank Plc Corporate Rating AA+
BAOBAB MFB Limited Corporate Rating BBB
Rendezvous Funding SPV Plc Bond Rating (Series 1, Tranches A) AA+
Rendezvous Funding SPV Plc Bond Rating (Series 1, Tranches B) A+
NOVA Merchant Bank Limited Corporate Rating A+
NOVA Investments SPV Plc Bond Rating (Series 1) A+
NOVA Investments SPV Plc Bond Rating (Series 1) A

CLIENT RATING TYPE RATING OUTCOME
Innoson Vehicles Manufacturing Company Limited Corporate Rating BBB
Mixta Nigeria Corporate Rating BBB–
Transport Services Limited Bond Rating AAA
FBNQUEST MB Funding SPV Plc Bond Rating A
R.T Briscoe Nigeria Plc Money Market Fund A(f)
Cardinalstone Group Corporate Corporate Rating A‑
Total Nigeria Plc Corporate Rating A‑
Interswitch Limited Corporate Rating AA‑
Interswitch Africa One Plc Bond Rating AA‑
Cardinalstone Funding SPV Plc Bond Rating A–
Edo State(River Jamieson) Bond Rating A–
Edo State Corporate Rating BBB
Prima Corporation Limited Corporate Rating  A–
Valency Agro Nigeria Limited Corporate Rating BBB
FBNQUEST MB Funding SPV Plc Bond Rating A
African Fonderies Limited Corporate Rating A–
African Steel Meal Corporate Rating BBB+
Swift Networks Limited Corporate Rating B+
Viathan Funding Plc Bond Rating BBB+
FBNQuest Fund Limited Corporate Rating A
Mutual Alliance Unit Trust Fund Fund Rating A(f)
Emerging Africa Asset Management Limited Fund rating A(f)
Commercio Partners Asset Management Fund Rating A(f)
CERPAC Receivables Funding SPV Plc SPV A+
AFEX Nigeria SPV A1-(CP)
Mecure Industries Limited Bond Rating A–
Flour Mills of Nigeria Plc Bond Rating A–
BUA Cement Plc Corporate Rating AA–
BUA Cement Plc Bond Rating AA–
Casafina Capital Limited Corporate Rating BBB–
Emzor Pharma Funding SPV Bond Rating A
Emzor Pharmaceutical Industries Limited Corporate Rating A
RAEDIAL FARMS LIMITED Bond Rating BBB+
RAEDIAL FARMS LIMITED(Project Star) Corporate Rating BBB
Fidelity Bank Plc Bond Rating A