Agusto & Co. affirms the Bbb+ rating to assigned to Bayelsa State Government’s (“Bayelsa”, “the State” or “the Issuer”) ₦11.32 Billion 16.5% Seven-Year Fixed Rate Bond due in 2019. This rating expires 30 September 2019.
The Bayelsa State Government’s ₦11.32 Billion 16.5% Seven-Year Fixed Rate Bond (“the Issue” or “the Bond”) due in 2019 is backed by the duly executed Irrevocable Standing Payment Order (ISPO) authorising monthly deductions of ₦421.5 million (previously ₦1.24 billion) from the State’s statutory allocation (SA) into a sinking fund account (SFA) to meet the Bond obligations. The revised coupon rate of 16.5% is being paid semi-annually until maturity of the Bond in June 2019, while the outstanding Bond principal of ₦11.32 billion is being amortised semi-annually from June 2017.
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This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.