Rating Release 

Agusto & Co. hereby affirms the “A+” rating assigned to Paras Energy Funding SPV PLC’s ₦15 billion Bond, with a stable outlook. 

The rating expires on 20 October 2027. 

Agusto & Co affirms the “A+” rating assigned to Paras Energy Funding SPV PLC’s (“the Issuer”) ₦15 billion Five-Year 18% Senior Unsecured Fixed Rate Series I Bond Due 2031 (“Series I Bond”, “the Issue” or “the Bond”). The rating mirrors the standalone rating of Paras Energy and Natural Resources Development Limited (“Paras Energy”, “PENRDL” or “the Sponsor”), issued by Agusto & Co. and valid until 30 June 2027, given that the Sponsor’s operating cash flows have been pledged as the primary source of repayment of the Series I Bond obligations. The affirmation further reflects the Sponsor’s resilient earnings and operating cash flow generation despite rising gas cost pressures, as well as its established electricity supply relationships with domestic and international off-takers.

Paras Energy Funding SPV PLC was incorporated on 11 November 2024 as a non-operating special purpose vehicle to raise debt securities for its Sponsor, Paras Energy and Natural Resources Development Limited, in the Nigerian private capital markets, primarily through the issuance of bonds, debenture stock or other instruments. The Issuer is wholly owned and controlled by Paras Energy and Natural Resources Development Limited.