Agusto & Co. downgrades Mixta Real Estate Plc’s rating to “Bb-” amid negative outlook.
This rating expires 30 June 2020.
The downgrade reflects Mixta Real Estate Plc. (“Mixta Nigeria”, MRE”, or “the Company”) contravention of the negative rating triggers set in the 2019 corporate rating report issued by Agusto & Co in July 2019. This is in addition to the Company’s worsening financial condition as shown in the management accounts for the third quarter ended 30 September 2019, exacerbated by the adverse macroeconomic environment in Nigeria. The rating is further constrained by concerns over MRE’s near term debt service capacity amidst rising debt profile and negative operating cash flows (OCF) during the review period.
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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