# S&P credit ratings for LECON Finance

> Live situation record from CLSTR: https://clstr.news/situations/sp-credit-ratings-for-lecon-finance
> Updated: 2026-09-20T21:17:02.000Z. Sources: 9. Developments: 2.

S&P Global Ratings assigned ‘B’ long-term and ‘B’ short-term issuer credit ratings with a Stable Outlook to LECON Finance Company Limited, a subsidiary of Nigeria’s Bank of Industry (BOI).

The agency noted that LECON Finance’s ratings are expected to move in tandem with its parent, BOI, due to its strategic importance and the expectation of continued parental support. As of year-end 2025, operating leases represented 57 per cent of the company’s total leases, alongside an expanded finance lease portfolio targeting Nigerian micro, small, and medium-sized enterprises.

## Timeline

### 2026-09-20: LECON Finance receives ‘B/Stable/B’ ratings from S&P Global

LECON Finance, a subsidiary of Nigeria’s Bank of Industry, has received ‘B/Stable/B’ credit ratings from S&P Global Ratings, reflecting its strategic role in providing leasing solutions.

6 sources. https://clstr.news/cluster/lecon-finance-receives-bstableb-ratings-from-sp-global

### 2026-09-07: Fitch and S&P issue credit ratings for financial institutions in Sri Lanka and India

Fitch Ratings assigned a ‘BBB+(lka)’ rating to People’s Leasing & Finance PLC’s proposed LKR 10 billion debt issuance, while S&P Global assigned a ‘BBB’ rating to the Bank of India.

3 sources. https://clstr.news/cluster/fitch-and-sp-issue-credit-ratings-for-financial-institutions-in-sri-lanka-and-india

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Cite as: S&P credit ratings for LECON Finance. CLSTR, https://clstr.news/situations/sp-credit-ratings-for-lecon-finance