Rating Release

Agusto & Co. hereby affirms Parthian Partners Funding SPV Plc 3-Year 13.5% ₦10 billion Senior Unsecured Fixed Rate Short-term Bond “Bbb” credit rating with a stable outlook.

 The rating expires on 27 July 2025.

Agusto & Co. affirms the “Bbb” rating assigned to Parthian Partners Funding SPV Plc’s (‘the Issuer’) 3-Year 13.5% ₦10 billion Senior Unsecured Fixed Rate Short-term Bond Due 2025 (“the Issue” or “the Bond”). Parthian Partners Limited (“PPL” or “the Sponsor”) incorporated the Issuer in the 2022FY to issue the Bond. Thus, the rating mirrors the Agusto & Co. “Bbb” credit rating of the Sponsor and is supported by the use of the Issue’s net proceeds to complete a sub-national structured finance transaction. The Bond is a senior, direct, unconditional, unsecured obligation of the Issuer that ranks pari passu without any preference among all unsecured creditors. The Sponsor’s rating reflects good profitability, acceptable asset quality and a competent management team. PPL’s rating is, however, constrained by higher funding costs reflective of the prevailing elevated interest rate environment and the cyclical nature of the inter-dealer broker (IDB) business.

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