Agusto & Co. affirms the ‘Bbb-’ rating assigned to C&I Leasing Plc (‘the Group’) with a stable outlook
The rating expires on 30 June 2024
Agusto & Co. affirms the ‘Bbb-’ rating assigned to C&I Leasing Plc (“C&I” or “the Group”). The rating is upheld by the Group’s acceptable leverage, diversified funding sources, good capitalisation and stable and experienced management team. However, the rating is constrained by weak profitability, low bargaining power with international oil & gas clients and the reliance on expensive short-term borrowings. We have also considered the volatilities in crude oil prices and challenges in Nigeria’s upstream oil and gas industry, which typically influence the fortunes of marine vessel leasing operators.