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.
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) |
SALIENT POINTS OF ACCORDED RATING
GCR affirms that:
- no part of the ratings process was influenced by any other business activities of the credit rating agency;
- the rating was based solely on the merits of the rated entity, security or financial instrument being rated; and
- 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.