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.
