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GCR Ratings (“GCR”) has withdrawn the long-term Issue rating of A-(NG) accorded to Niger State Government’s Tranche 1, N9bn Fixed Rate Bond.
The withdrawal follows the full redemption of the coupon and principal repayment on the Bond. Accordingly, GCR no longer supports the above-mentioned credit rating on the Issue.
Rated Entity / Issue | Rating class | Rating scale | Rating | Outlook / Watch |
Tranche 1, N9bn Fixed Rate Bond | Long-Term Issue | National | WD(NG) |
Ratings history
Niger State Government’s Tranche 1, N9bn Fixed Rate Bond
Rating class | Review | Rating scale | Rating | Outlook/Watch | Date |
Long-Term Issue | Initial | National | A-(NG) | Stable Outlook | June 2011 |
Long-Term Issue | Last | National | A-(NG) | Stable Outlook | September 2021 |
Salient Points of Accorded Rating
GCR affirms that a.) no part of the rating process was influenced by any other business activities of the credit rating agency; b.) the ratings process was based solely on the merits of the rated entity, security or financial instrument being rated; and c.) the ratings process was an independent evaluation of the risks and merits of the rated entity, security or financial instrument.
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