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.