The withdrawal follows Scope’s decision to cease analytical coverage due to business reasons.

The downgrade is driven by Veritasi’s poor geographical diversification, which strongly exposes the issuer to Nigeria’s macro-economic and political instability underpinned by rising inflation and interest rates.

The rating is driven by the company’s sustainable growth in the Nigerian real estate market, supported by its low leverage and adequate debt protection. The small size, low diversification and high country risk are rating constraints.