Rating Release

Agusto & Co. hereby affirms the “A-” rating assigned to UAC of Nigeria PLC’s (“UACN”, “the Company” or the “Issuer”) ₦5.82 Billion Seven-Year Series 1 Fixed Rate Senior Unsecured Bonds Due 2031 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme

The rating expires on 14 August 2026. 

Agusto & Co. hereby affirms the “A-” rating assigned to UAC of Nigeria PLC’s (“UACN”, “the Company” or the “Issuer”) ₦5.82 Billion Seven-Year Series 1 Fixed Rate Senior Unsecured Bonds Due 2031 (“Series 1 Bond”, “the Bond” or “the Issue”) under the ₦50 Billion Bond Issuance Programme. The Issue rating mirrors the standalone “A-” rating of UAC of Nigeria PLC, given that its operating cash flows have been unconditionally and irrevocably pledged as the primary repayment source for the Series 1 Bond.

UAC of Nigeria PLC (UACN) is a diversified investment holding company with core business interests in Nigeria’s edibles and feed, food and beverage, paints, and quick-service restaurant segments. UACN operates a decentralised structure, providing strategic oversight, brand stewardship, and capital support to its portfolio companies, which manage well-known brands such as Gala, Dulux, Grand, Vital Feed, Debonairs, Supreme and SWAN.

The opinions expressed in this rating release do not represent any investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.”