Agusto & Co. hereby affirms the “A-” rating assigned to C&I Leasing Plc’s ₦7 billion 5-year Series I Bond

Agusto & Co. hereby affirms the “A-” rating assigned to C&I Leasing Plc’s ₦7 billion 5-year Series I Bond

Rating Release

Agusto & Co. hereby affirms the “A-” rating assigned to C&I Leasing Plc’s 5-year ₦7 billion Series 1 Bond with a stable outlook

 The rating expires on 11 June 2022.

Agusto & Co. hereby affirms the “A-” rating assigned to C&I Leasing Plc’s (‘the Issuer’ or ‘C& I Leasing’) 5-year ₦7 billion Series 1, 16.54% Fixed Rate Senior Secured Bond (‘the Issue’ or ‘the Bond’). The Bond is secured by 10 marine vessels (“the Security”) owned by the Issuer and valued at ₦11.65 billion on the open market by Ubosi Eleh & Co. in September 2020 with a forced sale value of ₦8.74 billion. The rating is also hinged on the stand-alone rating of C & I Leasing which is currently rated Bbb-. We have subjected the rating of this Issue to a three-notch upgrade on the Issuer’s stand-alone to reflect the Security and the outstanding balance.

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.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
C&I Leasing Plc ₦10 billion 7-year Series II Bond Bbb+ Jun 03 , 2022 Stable Nigeria
C&I Leasing Plc ₦7 billion 5-year Series I Bond A- Jun 11 , 2022 Stable Nigeria
C&I Leasing Plc Bbb- Jun 30 , 2022 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 Plc’s Series 1 Bond A- May 31 , 2022 Stable Nigeria
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria