Rating Release

Agusto & Co. hereby affirms the “A-” rating assigned to FMN Financing 1 PLC’s (“the SPV” or “the Issuer”) ₦4.89 billion 5-Year 5.5% Fixed Rate Senior Unsecured Bond Due 2025 (“Tranche A”) and ₦25 billion 7-Year 6.25% Fixed Rate Senior Unsecured Bond Due 2027 (“Tranche B”), collectively referred to as the Series 4 Bonds

The rating expires on 15 December 2026. 

Agusto & Co. hereby affirms the “A-” rating assigned to FMN Financing 1 PLC’s (“the SPV” or “the Issuer”) ₦4.89 billion 5-Year 5.5% Fixed Rate Senior Unsecured Bond Due 2025 (“Tranche A”) and ₦25 billion 7-Year 6.25% Fixed Rate Senior Unsecured Bond Due 2027 (“Tranche B”), collectively referred to as the Series 4 Bonds. The rating reflects the credit strength of Golden Penny Foods Limited (“GPFL” or “the Sponsor”), rated “A-” by Agusto & Co. This is evidenced by the Sponsor’s strong profitability and cash flow profile, supported by its robust pricing power and market leadership in the domestic flour industry. The rating also considers the anticipated revenue and cost synergies stemming from GPFL’s recently completed corporate restructuring. However, the rating remains constrained by the Sponsor’s high debt levels and the vulnerability of future earnings and cash flows to unfavourable shifts in commodity prices and currency fluctuations.