Rating Release

Agusto & Co. affirms the “Aa” rating assigned Presco PLC’s ₦82.9 Billion Seven-Year 23.75% Senior Unsecured Fixed Rate Series 1 Bond Due 2032, with a stable outlook 

The rating expires on 31 January 2027. 

Agusto & Co. hereby affirms the “Aa” rating assigned to Presco PLC’s (“Presco”, “the Issuer” or “the Group”) ₦82.9 Billion Seven-Year 23.75% Senior Unsecured Fixed Rate Series 1 Bond (“Series 1 Bond”, “the Bond” or “the Issue”) Due 2032 under the ₦150 billion Bond Issuance Programme. The rating is upheld by the standalone rating of Presco PLC, whose operating cash flows have been irrevocably and unconditionally pledged as the primary source for repaying the Series 1 Bond obligations. The Issuer’s rating reflects its strong earnings, cash flow and liquidity profiles, underpinned by significant pricing power, robust product demand and favourable global oil palm prices. Notwithstanding, the rating is moderated by Presco’s exposure to commodity price volatility, particularly fluctuations in global oil palm prices, as well as its rising debt profile.

Presco PLC is an integrated agro-industrial company with 39,157 hectares of oil palm plantations , palm oil milling, palm kernel crushing, and vegetable oil refining and fractionation facilities in Edo and Delta States. Presco was incorporated as a private limited liability company in September 1991 and converted to a public limited liability company in February 2002 following the listing of its shares on the Nigerian Exchange Limited. The Group produces and markets a range of speciality fats and oil products. Oak and Saffron Limited holds 86.7% of Presco PLC’s equity, while the remaining 13.3% is held by Société d’Investissement pour l’Agriculture Tropicale (SIAT NV) Group. Presco PLC completed a 100% acquisition of Siat Nigeria Limited (SNL) in 2021 and Ghana Oil Palm Development Limited (GOPDL) in early 2025.

.