GCR Suspends Geregu Power Rating, Cites Insufficient Information
GCR Ratings has revised the national scale long- and short-term issuer ratings of Geregu Power Plc and the issue rating of Geregu Power Plc’s NGN40 billion Series 1 bond to C(NG).
Concurrently, GCR said it has suspended the power generating company ratings.
The revision of the ratings to C(NG) follows the cure of the default relating to the fourth principal repayment and eighth coupon payment obligations on Geregu Power Plc’s NGN40 billion Series 1 Bond.
GCR said it has reviewed the Trustees’ Bond Performance Report dated 24 August 2026, which confirms that the outstanding obligations have been settled.
In addition, the rating analysts said they reviewed the bank statement for the account as of 24 August 2026, confirming that the designated account was funded and that funds were subsequently disbursed to the trustees to settle obligations due to bondholders.
The C(NG) ratings further reflect GCR’s view that the issuer’s capacity to meet short-term financial commitments is highly vulnerable relative to that of other issuers or obligations in the same country.
The rating suspension reflects the absence of sufficient relevant and reliable rating information required to continue surveillance of the ratings and the underlying debt obligations.
Management has indicated that communication and information provision are expected to resume upon the conclusion of the ongoing forensic investigation into the company’s financial statements.
GCR said it will reinstate the ratings and analytical coverage for Geregu Power Plc and the NGN40 billion Series 1 Bond only if the required information is received; otherwise, it will withdraw the ratings within the next three months.
