Agusto & Co. hereby affirms the “A+” rating assigned to Nigerian Breweries PLC, with a stable outlook 

Rating Category: Corporates

Agusto & Co. hereby affirms the “A+” rating assigned to Nigerian Breweries PLC, with a stable outlook 

Rating Release

Agusto & Co. hereby affirms the “A+” rating assigned to Nigerian Breweries PLC (“Nigerian Breweries”, “NBPLC” or “the Company”), with a stable outlook 

The rating expires on 30 June 2026. 

Agusto & Co. hereby affirms the “A+” rating assigned to Nigerian Breweries PLC (“Nigerian Breweries”, “NBPLC” or “the Company”). The rating affirmation reflects the robust financial backing from its parent company, Heineken N.V., which is rated ‘A3’ by Moody’s and ‘BBB+’ by Standard & Poor’s. This support is demonstrated through oversea input sourcing and a recent equity injection via a rights issue. The rating also considers NBPLC’s improving profitability and leverage metrics, following the conversion of its foreign-currency debt to equity – a step that has lowered its exposures to foreign exchange risk and reduced debt service obligations. In addition, we note positively the relative stability in the foreign exchange (FX) market, which is expected to support more predictable input sourcing and enhance pricing efficiency, thereby sustaining margins in the near term. The Company’s strong liquidity profile and continued market leadership further underpin the rating. However, the rating is constrained by NBPLC’s weak cash flow position and inadequate working capital.

NBPLC is Nigeria’s oldest and largest brewer. The Company is strategically important to Heineken’s operations in Africa and continues to receive group support, including a recent capital injection through a rights issue which raised Heineken’s equity stake from 56.6% to 72.9%. The Company operates seven breweries and one malting plant, supported by an extensive sales and distribution network that ensures strong national coverage and efficient product delivery. In line with its diversification strategy beyond core beer, NBPLC acquired an 80% equity stake in Distell Wines and Spirits Nigeria Limited in 2024 and the remaining 20% in 2025, thereby assuming full ownership.

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.
Send via WhatsApp
Search

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Fewchore Finance Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Credit Direct Finance Company Limited Bbb+ Jun 30 , 2026 Stable Nigeria
LECON Finance Company Limited A+ Jun 30 , 2026 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited Aa- Jun 30 , 2026 Stable Nigeria
Zeenab Foods Limited A Jun 30 , 2026 Stable Nigeria
Nigerian Breweries PLC A+ Jun 30 , 2026 Stable Nigeria
Premium Cocoa Products (Ile-Oluju) Limited Bbb Jun 30 , 2026 Stable Nigeria
MTN Nigeria Communication PLC Aa+ Jun 30 , 2026 Stable Nigeria
Cutix PLC Bbb+ Oct 31 , 2026 Stable Nigeria
Johnvents Industries Limited Bbb+ Jun 30 , 2026 Stable Nigeria
Payaza Africa Limited Bbb Jun 30 , 2026 Stable Nigeria
NGN Gram Limited Bbb Jun 30 , 2026 Stable Nigeria
Food Concepts PLC A Jun 30 , 2026 Stable Nigeria
Odu'a Investment Company Limited  Aa- Jun 30 , 2026 Stable Nigeria
UAC of Nigeria PLC A- Jun 30 , 2026 Stable Nigeria
Vitafoam Nigeria Plc A Mar 31 , 2026 Stable Nigeria
Lagos Free Zone Company Bbb Jun 30 , 2026 Positive Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 PLC's ₦16.4 billion Bond Aa- Apr 12 , 2026 Stable Nigeria
Axxela Funding 1 PLC's ₦11.5 Billion Bond Aa- May 20 , 2026 Stable Nigeria
NEN Infrastructure Limited's ₦17.1 Billion Bond A May 31 , 2026 Stable Nigeria
NEN Infrastructure Limited's ₦40.975 Billion Bond A- Mar 22 , 2026 Stable Nigeria
Aradel Holdings PLC's  ₦10.318 billion Bond Aa Jun 30 , 2026 Stable Nigeria
MTN Nigeria Communications PLC’s ₦110,001,000,000 Series 1 Bond Aa+ Apr 30 , 2026 Stable Nigeria
LFZC Funding SPV PLC’s ₦25 billion Bond Aaa Mar 16 , 2026 Stable Nigeria
NCNI Limited's ₦13.2 Billion Bond A Feb 01 , 2026 Stable Nigeria
GPC-SPV Company PLC Aaa Nov 23 , 2025 Stable Nigeria
PAT Digital Infra Fund SPV PLC Aaa Feb 02 , 2026 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria