Rating Release

Agusto & Co. hereby affirms the “A+sf” rating assigned to the CERPAC Receivables Funding SPV PLC’s (“CERPAC”, “SPV” or “the Issuer”) ₦1.25 billion 14.5% Series 3 Fixed Rate Bond Due 2028 (“the Issue” or “the Bond”) Future Flow Receivables Backed Securitisation of Combined Expatriate Residential Permit & Alien Cards (CERPAC) Issuance.

The rating expires on 21 January 2026. 

Agusto & Co. hereby affirms the “A+sf” rating assigned to the CERPAC Receivables Funding SPV PLC’s (“CERPAC”, “SPV” or “the Issuer”) ₦1.25 billion 14.5% Series 3 Fixed Rate Bond Due 2028 (“the Issue” or “the Bond”) Future Flow Receivables Backed Securitisation of Combined Expatriate Residential Permit & Alien Cards (CERPAC) Issuance. The affirmed rating reflects the good cash-generating capacity of the securitised receivables (CERPAC cards issued for identifying and tracking foreign national residents in Nigeria), pledged as the sole source of repaying the Bond obligations. This is in addition to the satisfactory cash available cover of 1.13x for the next coupon payment and principal repayment and the continued honouring of the Combined Expatriate Residence Permit and Alien Cards (CERPAC) contract awarded to Continental Transfert Technique Limited (“the Sponsor”, “the Seller”, or “CTTL”) by the Federal Government of Nigeria (FGN). Furthermore, Agusto & Co. notes positively that the strong credit enhancement structures in the Series 3 Bond (cash reserve account, over-collateralisation, cash accumulation and acceleration triggers) provide comfort that the Issuer will continue to meet the obligations as and when due.