The rating expires on 30 June 2019.
Agusto & Co has assigned a BBB+(IM) rating to Africa Plus Partners Limited (APPL or ‘the Manager’). The rating assigned to APPL is supported by the Manager’s highly qualified and well-experienced investment committee, good governance structure around the Fund and the well-established deal selection and decision-making process. The rating is constrained by the absence of an internal audit function, overlapping functions amongst core staff and the Manager’s limited track-record in the Nigerian asset management industry.
APPL is a specialist asset management company with a focus on small to medium scale infrastructure projects. APPL is a pioneer in the infrastructure fund space, co-managing Nigeria’s first equity-based, Naira denominated infrastructure fund – the Africa Infrastructure Plus Fund (AIPF or ‘the Fund’).