FSDH Funding SPV Plc (N15 billion 5 year fixed rate senior unsecured bond)

RATING RELEASE

Agusto & Co hereby assigns a rating of “A-” to FSDH Funding SPV Plc (“FSDH SPV” or “the Issuer”) tranche 1 S58;15 billion 5 year Fixed Rate Senior Unsecured Bond (“the Bond” or “the Issue”) supported by a Deed of Undertaking issued by FSDH Merchant Bank Limited (‘the Sponsor”, “FSDH” or “the Bank”). The rating assigned to the Issue takes into cognisance the standalone rating of the Sponsor as the Bond is unsecured and ranks pari passu without discrimination, priority or preference, with all of the Issuer’s and Sponsor’s present and future indebtedness.

This rating release is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit given to Agusto & Co.

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