GCR places GEL Utility & Aarti Steel Nigeria ratings on “Review Extension”

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GCR places GEL Utility & Aarti Steel Nigeria ratings on “Review Extension”
GCR places GEL Utility & Aarti Steel Nigeria ratings on “Review Extension”

23 July 2021 – GCR Ratings (GCR) has placed the long- and short-term national scale ratings of BBB(NG) / A3(NG) assigned to GEL Utility Limited on ‘Review Extension’. Concurrently, the long- and short-term national scale ratings of BB+(NG) / A3(NG) assigned to Aarti Steel Nigeria Limited has been placed on ‘Review Extension’.

GCR has yet to receive relevant rating information to carry out the rating review exercise. GCR will continue to engage with the Issuers and relevant parties and expects to publically release the ratings on or before 30 September 2021.

GCR places GEL Utility & Aarti Steel Nigeria ratings on “Review Extension”
GCR places GEL Utility & Aarti Steel Nigeria ratings on “Review Extension”

Ratings History – GEL Utility Limited

Rating class Review Rating scale Rating Outlook/Watch Date
Long Term Issuer Initial National BBB+(NG) Stable December 2018
Short Term Issuer Initial National A2(NG)
Long Term Issuer Last National BBB(NG) Stable June 2020
Short Term Issuer Last National A3(NG)

Aarti Steel Nigeria Limited

Rating class Review Rating scale Rating Outlook/Watch Date
Long Term Issuer Initial National BBB(NG) Stable November 2012
Short Term Issuer Initial National A3(NG)
Long Term Issuer Last National BB+(NG) Watch January 2021
Short Term Issuer Last National A3(NG)
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SALIENT POINTS OF ACCORDED RATING

GCR affirms that:

  1. no part of the ratings process was influenced by any other business activities of the credit rating agency;
  2. the rating was based solely on the merits of the rated entity, security or financial instrument being rated; and
  3. such rating was an independent evaluation of the risks and merits of the rated entity instrument.

The credit rating has been disclosed to the rated entity. The rating above was solicited by, or on behalf of, the rated entity, and therefore, GCs been compensated for the provision of the rating.

The rated entity participated in the rating process via teleconferences and other written correspondence.