GCR Withdraws Ratings on Enugu State Government

By Aduragbemi Omiyale

The national scale long-term rating of BBB+(NG) and the short-term issuer rating of A2(NG) assigned to the Enugu State Government by GCR Ratings (GCR) have been withdrawn.

The rating agency announced the withdrawal of the ratings in a statement issued on Monday, September 21, 2026, and sighted by Business Post.

It was gathered that the ratings were withdrawn by GCR without review.

It was explained that the action was taken “due to business reasons,” with GCR further disclosing that it “no longer supports the above-mentioned credit rating on the entity.”

“A credit rating withdrawal does not imply that the entity is not servicing its debt obligations or that its financial position has deteriorated,” a part of the statement emphasised.

The withdrawal of the ratings on the Enugu government comes a few months after GCR upgraded the ratings due to stronger income and improved leverage metrics, with a stable outlook.

The rating firm had noted that the upgrade was “anchored on the substantial growth in recurrent revenue over the past two years, which has supported significant improvements in its leverage metrics.”

“However, this is balanced against high exposure to foreign currency risk and modest liquidity metrics,” it added.

Enugu State is governed by Mr Peter Mbah of the ruling All Progressives Congress (APC). He is one of the governors seeking a second term in office.

The 54-year-old lawyer and financial analyst is an entrepreneur who established Peter Mbah Investments Limited in 1992 as a service provider in the oil and gas sector.

He also founded Pinnacle Oil and Gas Ltd, which completed the development of Single Point Monitoring (SPM), Conventional Buoy Mooring (CBM) and storage facilities in Lekki Free Trade Zone in 2021.