Agusto & Co. assigns “Aa-” rating and a stable outlook to Nigerian Breweries Plc

Rating Release

Agusto & Co. assigns “Aa-” rating and a stable outlook to Nigerian Breweries Plc.

This rating expires 30 June 2021.

Agusto & Co. hereby affirms the “Aa-“ rating assigned to Nigerian Breweries Plc (“Nigerian Breweries”, “NB Plc” or “the Company”). The assigned rating reflects our opinion on the Company’s very strong financial condition evidenced by good cash flow, low leverage, adequate working capital, satisfactory profitability, stable and experienced management team as well as strong support from the parent company – Heineken N.V Group. However, growing competition in the Nigerian Brewery Industry, unfavourable regulatory stance, weak consumer purchasing power and uncertainty of the economic impact of COVID-19 pandemic remains a challenge for key operators in the Brewery Industry in the short to medium term.

Nigerian Breweries Plc is a subsidiary of Heineken N.V of Netherlands (“Heineken” or “the Group”) – one of the world’s leading manufacturers of beers and ciders. Heineken operates in over 190 countries and has a rich portfolio of over 300 global brands across alcoholic and non-alcoholic beverage categories with consolidated beer volume sales of 241.4 million hectoliters in the financial year ended 31 December 2019. Heineken N.V Group has credit ratings from two international rating agencies – Moody’s (“Baa1”) and S&P (“BBB+”).

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