GCR places the ratings of GEL Utility Limited and Aarti Steel Nigeria Limited on “Review Extension”.
Lagos, 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.
+2341 904 9462
+2341 904 9462
Chief Ratings Officer, Nigeria
+27 11 784 1771
Related Criteria and Research
Criteria for the GCR Ratings Framework, May 2019
GCR Nigeria Country Risk Score report, published February 2021
GCR Nigeria Sector Risk Score, published February 2021
GCR affirms that a.) no part of the ratings process was influenced by any other business activities of the credit rating agency; b.) the rating was based solely on the merits of the rated entity, security or financial instrument being rated; and c.) 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.
CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCR’S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCR’S OPINIONS INCLUDED IN GCR’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCR’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCR’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCR’S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCR’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.
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