DATAPRO RATING GUIDE

Corporate

ENTITY	RATING	VALIDITY
Smart Residences Limited	A^-	Mar, 2024
African Steel Mills Limited	A^-	Mar, 2024
Fast Credit Limited	BBB⁺	Mar, 2024
AVA Global Asset Management Limited	A	Feb, 2024
SKLD Intergrated Services Limited	BBB⁺	Feb, 2024
AOS Orwell Group	BBB	Feb, 2024
AB Microfinance Bank Limited	BBB⁺	Feb, 2024
Actis West Africa Income Manager Limited	BBB⁺	Feb, 2024
Cardinal Torch Company Limited	BBB	Feb, 2024
Polysmart Packaging Limited	BBB	Feb, 2024
Julius Berger Nigeria PLC	A	Jan, 2024
Polaris Bank Limited	BBB⁺	Jan, 2024
VFD Group PLC	A⁺	Jan, 2024
Veritasi Homes and Properties Limited	BBB⁺	Jan, 2024
Finceptive Limited	BBB	Jan, 2024
Sujimoto Construction Limited	BBB	Jan, 2024
A-Z Petroleum Products Limited	BBB⁺	Jan, 2024
Landwey Investments Limited	BBB	Jan, 2024
Hillcrest Agro Allied Industries Limited	BBB	Jan, 2024
Unity Bank PLC	BB⁺	Dec, 2023
FBNQuest Funds Limited	A	Dec, 2023
Abbey Mortgage Bank PLC	A^-	Dec, 2023
Livingtrust Mortgage Bank PLC	BBB⁺	Dec, 2023
MyCredit Investments Limited	BBB⁺	Dec, 2023
Coceptive Services Limited	BBB⁺	Dec, 2023
Zedcrest Group	A^-	Dec, 2023
Union Bank of Nigeria PLC	A^-	Nov, 2023
Babban Gona Farmer Services Nig Ltd	A^-	Nov, 2023
Capitalfield Investment Group Limited	A^-	Nov, 2023
Capital Trust Investment & Asset Management Limited	A^-	Nov, 2023
Urban Shelter Limited	BBB^-	Nov, 2023
Lionseal Industries Limited	BBB⁺	Nov, 2023
Fewchore Finance Company Limited	BBB⁺	Nov, 2023
GLNG Funding SPV PLC	BBB	Nov, 2023
Sterling Bank PLC	BBB⁺	Oct, 2023
Mutual Trust Microfinance Bank Ltd	A^-	Oct, 2023
FundCo Capital Managers Ltd.	BBB^-	Oct, 2023
Cedrus Group Africa Limited	BBB	Oct, 2023
Infinity Microfinance Bank Ltd	BBB⁺	Oct, 2023
Chrisland Schools Limited	A^-	Oct, 2023
Godmade Homes Limited	BBB⁺	Oct, 2023
BB Landmark Realty Limited	A^-	Oct, 2023
Zenith Bank PLC	AA^-	Sep, 2023
FCMB Group PLC	A	Sep, 2023
DLM Capital Group	A	Sep, 2023
United Capital PLC	AA^-	Sep, 2023
Valency Agro Nigeria Ltd	A^-	Sep, 2023
African Nonferrous Industries Limited	A	Sep, 2023
Hartleys Supermarket And Stores Limited	BBB⁺	Sep, 2023
African Foundries Limited	A⁺	Aug, 2023
Nova Merchant Bank Limited	A⁺	Aug, 2023
Lagos Free Zone Company	BBB-	Aug, 2023
TrustBanc Arthur Limited	BBB	Aug, 2023
Bilaad Realty Nigeria Limited	BBB+	Aug, 2023
Emerging Africa Capital Limited	A^-	Jul, 2023
The Magnificent Multiservices Limited	A^-	Jul, 2023
Gresham Asset Management Limited	BBB	Jul, 2023
Providus Bank PLC	A^-	Jun, 2023
Skymark Partners Limited	A	Jun, 2023
Cordros Capital Limited	A	Jun, 2023
UAC of Nigeria Plc	A^-	Jun, 2023
Mecure Industries Ltd	A^-	Jun, 2023
Mojec International Limited	A	Jun, 2023
Nosak Distilleries Limited	A^-	Jun, 2023
Bigoz Logistics Limited	A	Jun, 2023
Pomegranate Nigeria Limited	BBB⁺	Jun, 2023
Novare Fund Manager Nigeria LTD	A^-	May, 2023
Cititrust Holdings PLC	BBB^-	May, 2023
Neveah Limited	BBB	May, 2023
Daraju Industries Limited	BBB	Apr, 2023
Trustbanc Holdings Limited	A	Mar, 2023
Robust International Commodities LTD	BBB⁺	Mar, 2023
AVA Global Asset Managers LTD	A^-	Feb, 2023
Readial Farms Limited	BBB	Feb, 2023
Skymark Partners Limited	A	Nov, 2022
Prima Corporation Limited	A^-	Nov, 2022
TAJ Bank Limited	BBB	Nov, 2022
Golden Bridge Asset Management	BBB⁺	Nov, 2022
Accugas Limited	BBB^-	Nov, 2022
Guaranty Trust Bank Ltd	AA⁺	Oct, 2022
Viathan Funding PLC	BBB⁺	Oct, 2022
Mainstreet Microfinance Bank Ltd	BBB⁺	Oct, 2022
Lee Fakino Nigeria Limited	BBB⁺	Oct, 2022
MyCredit Investments Limited	BBB⁺	Oct, 2022
NECIT Nigeria Limited	BBB⁺	Oct,2022
FarmKonnect Agribusiness Nig Plc	BBB	Oct, 2022
Alpha Mead Group	BBB	Oct, 2022
Jilnas Nigeria Limited	BBB	Oct, 2022
Lekki Gardens Estate Ltd	BBB⁺	Oct, 2022
Flour Mills of Nigeria Plc	A	Sep, 2022
Capital Trust Investments & Asset Mgt LTD	A^-	Sep, 2022
Interswitch Africa One PLC	AA^-	Sep, 2022
Cardinalstone Group	A	Sep, 2022
Sankore Securities Limited	A	Sep, 2022
Africa Plus Partners Nigeria Ltd	A^-	Aug, 2022
Norrenberger Investment & Capital Mgt Ltd.	BBB⁺	Aug, 2022
Mixta Real Estate PLC	BBB	Aug, 2022
AG Mortgage Bank PLC	BBB^-	Jul, 2022
Total Nigeria PLC	A^-	Jul, 2022
Landmark Funding SPV PLC	A^-	Jul, 2022
Ardova PLC	A	Jun, 2022
International Breweries Plc	BBB	Jun, 2022
Northwest Petroleum & Gas Co Ltd	BBB	Jun, 2022
GPC Energy & Logistics Limited	A	May, 2022
Pinnacle Oil & Gas Limited	BBB	May, 2022
TrustBanc Asset Management Ltd	A	Apr, 2022
STL Trustees Limited	A⁺	Apr, 2022
Purple Real Estate Development Ltd	A	Mar, 2022
Dufil Prima Foods Plc	A^-	Feb, 2022
Fidson Healthcare Plc	A^-	Feb, 2022

Bond

ENTITY	RATING	VALIDITY
Fidelity Bank PLC	A	Feb, 2024
Flour Mills Of Nigeria Plc	A	Dec, 2023
Valency SPV PLC	A^-	Dec, 2023
GLNG Funding SPV Plc	AAA	Dec, 2023
Mutual Trust MFB Limited	A^-	Nov, 2023
Mahfas Investments Limited	BBB	Sep, 2023
Structured Secured Strip SPV PLC	AAA	Aug, 2023
Structured Secured Strip SPV PLC Series 2	AAA	Aug, 2023
ZSG-SPV Company Limited	BBB	Aug, 2023
KSIP Funding SPV Limited	A	Aug, 2023
Voriancorelli Funding SPV PLC	BBB^-	Jun, 2023
Digital Connect Financing SPV PLC	BBB^-	Jun, 2023
Ojaja Pan Africa Limited	A^-	Jun, 2023
Modern Shelter Systems & Services Limited	A	May, 2023
BUA Cement PLC	AA	Apr, 2023
Parthian Partners Funding SPV PLC	BBB⁺	Mar, 2023
AG Funding SPV PLC	A^-	Feb, 2023
Coronation Merchant Bank	A⁺	Oct, 2022
United Capital Plc	A⁺	Oct, 2022
Mutual Trust MFB SPV Plc	BBB⁺	Oct, 2022
Landmark Funding SPV Plc	A^-	Oct, 2022
Mixta Real Estate Plc	A^-	Oct, 2022
Readial Farms Limited	BBB⁺	Oct, 2022
Chrisland School SPV PLC	A	Oct, 2022
Interswitch Africa One PLC	AA^-	Sep, 2022
Ardova PLC	A	Jul, 2022
GPC-SPV Company Plc	AAA	Jul, 2022
Pinnacle Funding SPV PLC	BBB⁺	Jul, 2022
NOVAMBL Investments SPV PLC	A	May, 2022
Tizeti Network Africa Plc	BBB^-	May, 2022
OneWattSolar Limited	BBB	May, 2022
Fidson Healthcare Plc	A^-	Apr, 2022
Daraju Industries Funding SPV	BBB	Apr, 2022
Casafina Capital Limited	BBB⁺	Apr, 2022
Primero BRT Securitisation SPV Plc	A	Mar, 2022
Aella Financial Solutions Ltd	BBB	Mar, 2022
Valley SPV Funding Limited	BBB	Feb, 2022

Funds

ENTITY	RATING	VALIDITY
AVA GAM Fixed Income Naira Fund	A^(f)	Mar, 2024
AVA Gam Fixed Income Dollar Fund	BBB^(f)	Mar, 2024
Trustbanc Money Market Fund	A^-(f)	Oct, 2023
Emerging Africa Asset Mgt Ltd.	AA^-(f)	Sep, 2023
Greenwich Plus Money Market Fund	A^(f)	Sep, 2023
SFS Capital Nigeria Limited	AA^(f)	Jun, 2023
The Nigerian Football Fund	A^-(f)	Mar, 2023
SFS REIT	A^(f)	Sep, 2022
Utica Capital Limited	AA^(f)	Sep, 2022
PAC Asset Management Ltd	A^(f)	Feb, 2022
Union Homes REIT	A^(f)	Dec, 2021
R.T Briscoe Nigeria Plc	A^(f)	Aug, 2021
Afrinvest Plutus Fund	A^+(f)	Aug, 2021
NOVA Prime Money Market Fund	A^-(f)	July, 2021

Sub-Nationals

ENTITY	RATING	VALIDITY
Zamfara State Government	BBB^-	May, 2023
Sokoto State Government	BBB	Apr, 2023
Oyo State Government	BBB	Oct, 2022
Adamawa State Government	BBB^-	Sept, 2022
Enugu State Government	BBB	Sept, 2022
Katsina State Government	BBB	May, 2022
Yobe State Government	BBB^-	March, 2022

Commercial Papers

ENTITY	RATING	VALIDITY
AFIL SPV PLC	A1^+(CP)	Jan, 2024
Golden Oil Funding SPV Plc	A1^(CP)	Till Maturity
CC Receivables SPV Limited	A1^-(CP)	Till maturity
Afex Fair Trade Limited	A1^-(CP)	Till Maturity
AFEX Investment Ltd.	A1^-(CP)	Till maturity
Commodities Funding SPV Plc	A1^+(CP)	March, 2022
Parthian Partners Limited	A1^-(CP)	February, 2022

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DATAPRO RATING GUIDE

Corporate

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Commercial Papers

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