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Economy | Reviews & Outlooks

GCR Places Enugu State Government’s National Scale Issuer Ratings on “Review Extension”

Nov 28, 2022   •   by   •   Source: GCR Ratings   •   eye-icon 139 views

GCR Ratings (“GCR”) has placed Enugu State Government’s long-term and short-term national scale Issuer ratings of BBB(NG) and A3(NG) respectively on ‘Review Extension’.

The ratings process is ongoing and GCR expects to publicly release the updated ratings result on or before 31 December 2022. The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

Related criteria and research

Criteria for the GCR Ratings Framework, January 2022

Criteria for Rating Corporate Entities, January 2022

GCR Country Risk Scores, June 2022

GCR’s Nigeria Corporate Sector Risk Scores, April 2022

GCR Rating Scales, Symbols and Definitions, May 2022

Enugu State Government’s Rating Announcement, November 2021


Ratings history

Enugu State Government

Rating class

Review

Rating scale

Rating

Outlook

Date

Long Term Issuer

Initial/Last

National

BBB(NG)

Stable

November 2021

Short Term Issuer

Initial/Last

National

A3(NG)

 

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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