RATING RELEASE
Agusto & Co. hereby affirms the “Bbb+” rating assigned to Nigerian Aviation Handling Company Plc.’s (“the Company”, “nahco aviance”, “NAHCO” or “the Issuer”) ₦2.05 billion Bond (Series II Bond). This rating expires 30 September 2020.
The rating assigned to the ₦2.05 Billion 15.75% Unsecured Series II Bond (“Bond”) of the Nigerian Aviation Handling Company Plc (“Company”, “nahco aviance”, “Nahco” or “the Issuer”) reflects our opinion on the Issuer’s capacity to meet the Bond obligations in a timely manner, supported by satisfactory cash flow, adequate working capital, low leverage and its position as a leader in the aviation handling industry. Offsetting these positives is NAHCO’s declining profitability, as a result of its increasing cost of operations, particularly staff costs.
Nahco is an industry leader in the segment of aviation handling, with interests in the business of aircraft handling, passenger handling, passenger facilitation, cargo handling, crew transportation and aviation training.
The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.
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