Agusto & Co. affirms the “Bbb” rating assigned to C & I Leasing Plc Group, with a stable outlook
The rating expires on 30 June 2021.
Agusto & Co. affirms the “Bbb” rating assigned to C & I Leasing Plc Group (“C & I” or “the Group”). The rating is supported by good asset quality, adequate capital and a stable and experienced management team. The rating is, however, constrained by low profitability, a funding mismatch and the weak macroeconomic climate which has been accentuated by the COVID-19 pandemic. The drop in crude oil prices in particular had an adverse impact on performance with over 37% of the Group’s income generated from the provision of marine support services to the oil & gas sector.
C & I is one of the largest leasing companies in Nigeria and West Africa. The Group comprises C & I Leasing Plc, Nigeria and two subsidiaries: EPIC International FZE, United Arab Emirates, and Leasafric Ghana Limited. C & I provides vessels, finance leases, fleet maintenance and car rental services and personnel outsourcing services.
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