Agusto & Co. assigns Bbb+ rating to Flour Mills of Nigeria Plc’s Series 1 & 2 Bonds

Rating Category: Corporate Bonds

Rating Release

Agusto & Co. assigns Bbb+ rating to Flour Mills of Nigeria Plc’s Series 1 & 2 Bonds:

  • ₦10.11 billion Series 1 3-Year 15.5% Fixed Rate Senior Unsecured Bond Due 2021 (Series 1)
  • ₦10 billion Series 2 5-Year 16% Fixed Rate Senior Unsecured Bond Due 2023   (Series 2)
The ratings expires on 30 September 2019.
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.
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Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
C&I Leasing Plc's ₦10 Billion Bond A- Jun 30 , 2026 Stable Nigeria
C&I Leasing Plc Bbb/A2 Jun 30 , 2026 Stable Nigeria
FundQuest Finance Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Fast Credit Finance Company Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Fewchore Finance Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Credit Direct Finance Company Limited Bbb+ Jun 30 , 2026 Stable Nigeria
LECON Finance Company Limited A+ Jun 30 , 2026 Stable Nigeria
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Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Smart Residences Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Falcon Corporation Limited A/A1 Jun 30 , 2026 Stable Nigeria
Arco WorldWide Services Limited A/A1 Sep 30 , 2026 Stable Nigeria
Dimension Data Limited Bbb+/A2 Sep 30 , 2026 Stable Nigeria
Strides Energy and Maritime Limited Bbb-/A3 Jun 30 , 2026 Stable Nigeria
Jimcol Resources Nigeria Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Arco WorldWide Services Limited A/A1 Sep 30 , 2026 Stable Nigeria
Coleman Technical Industries Limited A Jun 30 , 2026 Stable Nigeria
African Non-Ferrous Industries Limited A- Jun 30 , 2026 Stable Nigeria
Paras Energy and Natural Resources Development Limited A+/A1 Jun 30 , 2026 Stable Nigeria
Abuja Steel Mills Limited A-/A1 Jun 30 , 2026 Stable Nigeria
Saro Lifecare Limited A- Jun 30 , 2026 Stable Nigeria
Benue Investment and Property Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Axxela Limited Aa- Jun 30 , 2026 Stable Nigeria
Zeenab Foods Limited A Jun 30 , 2026 Stable Nigeria
Nigerian Breweries PLC A+ Jun 30 , 2026 Stable Nigeria
Premium Cocoa Products (Ile-Oluju) Limited Bbb Jun 30 , 2026 Stable Nigeria
MTN Nigeria Communication PLC Aa+ Jun 30 , 2026 Stable Nigeria
Cutix PLC Bbb+ Oct 31 , 2026 Stable Nigeria
Johnvents Industries Limited Bbb+ Jun 30 , 2026 Stable Nigeria
Payaza Africa Limited Bbb Jun 30 , 2026 Stable Nigeria
NGN Gram Limited Bbb Jun 30 , 2026 Stable Nigeria
Food Concepts PLC A Jun 30 , 2026 Stable Nigeria
Odu'a Investment Company Limited  Aa- Jun 30 , 2026 Stable Nigeria
UAC of Nigeria PLC A- Jun 30 , 2026 Stable Nigeria
Lagos Free Zone Company Bbb Jun 30 , 2026 Positive Nigeria
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Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
TSL SPV Plc’s ₦12 Billion Infrastructure Bond Aaa Oct 06 , 2026 Stable Nigeria
FMN Financing 1 PLC’s ₦4.89 Billion and ₦25 Billion Bonds A- Dec 15 , 2026 Stable Nigeria
GEL Utility Funding SPV Plc’s ₦13 Billion Bond Aaa Aug 31 , 2026 Stable Nigeria
MTN Nigeria Communications PLC's ₦10,085,600,000 and ₦104,914,400,000 Bonds Aa+ Sep 30 , 2026 Stable Nigeria
FMN Financing 1 PLC’s ₦46 Billion 5-Year Senior Unsecured Bond A- May 30 , 2026 Stable Nigeria
FMN Financing 1 PLC’s ₦46 Billion 3-Year Senior Unsecured Bond A- May 08 , 2026 Stable Nigeria
GPC-SPV Company PLC’s ₦20 Billion Bond Aaa Nov 23 , 2026 Stable Nigeria
Lagos State Government's ₦100 Billion Bond Aa Sep 30 , 2026 Stable Nigeria
MTN Nigeria Communications PLC's ₦89.99 Billion Bond Aa+ Sep 30 , 2026 Stable Nigeria
Lagos State Government's ₦38.7 Billion and ₦5.34 Billion Bonds Aa Sep 30 , 2026 Stable Nigeria
Lagos State Infrastructure Sukuk SPV Plc's ₦19.815 Billion Aa Sep 30 , 2026 Stable Nigeria
Lagos State Government's ₦137.3 Billion Bond Aa Sep 30 , 2026 Stable Nigeria
Lagos State Government's ₦115 Billion Bond and Hybrid Instruments Issuance Programme. Aa Sep 30 , 2026 Stable Nigeria
BUA Cement PLC’s ₦115 Billion Bond A+ Dec 31 , 2026 - Nigeria
UAC of Nigeria PLC's up to ₦75 billion Bond A- Nov 30 , 2026 Stable Nigeria
Geregu Power Plc's ₦40.085 Billion Bond A- Jul 28 , 2026 Stable Nigeria
Lagos State Government's Proposed ₦14.8 Billion Green Bond and Hybrid Instruments Issuance Programme Aa Sep 30 , 2026 Stable Nigeria
Lagos State Government's proposed ₦200 Billion Bond and Hybrid Instruments Issuance Programme Aa Sep 30 , 2026 Stable Nigeria
UAC of Nigeria PLC's ₦5.82 Billion Bond A- Aug 14 , 2026 Stable Nigeria
Wemabod Financing SPV Limited’s ₦3 Billion Bond Aa- May 21 , 2026 Stable Nigeria
Dangote Industries Funding PLC’s ₦112.42 Billion Bond A+ Jul 19 , 2026 Negative Nigeria
Dangote Industries Funding PLC’s ₦10.47 Billion Bond Due 2029 and ₦177.12 Billion Bond Due 2032 A+ Jun 30 , 2026 Negative Nigeria
Presco PLC’s ₦82.9 Billion Bond Aa Jan 31 , 2027 Stable Nigeria
CRS Funding SPV Limited’s ₦35 Billion Bond Bbb+ Dec 31 , 2026 Stable Nigeria
CRS Funding SPV Limited’s ₦22.8 Billion Bond Bbb+ Aug 05 , 2026 Stable Nigeria
Paras Energy Funding SPV PLC’s ₦15 Billion Bond A+ Oct 30 , 2026 Stable Nigeria
LFZC Funding SPV Plc’s ₦25 Billion Infrastructure Bond Aaa Mar 04 , 2027 Stable Nigeria
LFZC Funding SPV Plc’s ₦17.5 Billion Infrastructure Bond Aaa Mar 04 , 2027 Stable Nigeria
Axxela Funding 1 PLC's ₦11.5 Billion Bond Aa- May 20 , 2026 Stable Nigeria
NEN Infrastructure Limited's ₦17.1 Billion Bond A May 31 , 2026 Stable Nigeria
Aradel Holdings PLC's  ₦10.318 billion Bond Aa Jun 30 , 2026 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria
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