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Agusto & Co. assigns a “Bbb+” rating to Nigerian Aviation Handling Company Plc.’s ₦2.05 Billion 15.75% Unsecured Series II Bond Due 2020

Rating Release

Agusto & Co. assigns a “Bbb+” rating to Nigerian Aviation Handling Company Plc.’s 2.05 Billion 15.75% Unsecured Series II Bond Due 2020.

 This rating expires 30 September 2019.

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 its good working capital and low leverage position. The rating is however constrained by frequent changes in the Company’s Board of Directors and management and its declining profitability.

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.

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 given to Agusto & Co.

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.