Rating Release
Agusto & Co. hereby affirms the “A-” rating to Flour Mills of Nigeria PLC’s ₦4.89 billion 5-Year 5.5% Fixed Rate Senior Unsecured Bond (“Tranche A”) and ₦25 billion 7-Year 6.25% Fixed Rate Senior Unsecured Bond (“Tranche B”)
The rating expires on 15 December 2024.
Agusto & Co. hereby affirms the “A-” rating to Flour Mills of Nigeria PLC’s (“Flour Mills”, “FMN”,“the Issuer” or “the Company”) ₦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”), which are jointly referred to as the Series 4 Bonds. The rating mirrors the standalone rating of Flour Mills, which is rated “A-” by Agusto & Co, considering that its operating cash flows have been irrevocably and unconditionally pledged as the primary source of repaying the Series 4 Bond obligations.
The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.
