Agusto & Co. hereby affirms the Aa- rating assigned to Lafarge Africa Plc

Rating Category: Corporates

Agusto & Co. hereby affirms the Aa- rating assigned to Lafarge Africa Plc

Rating Release

Agusto & Co. hereby affirms the Aa- rating assigned to Lafarge Africa Plc

The rating expires on 30 June 2024.

Agusto & Co. hereby affirms the Aa- rating assigned to Lafarge Africa Plc (“Lafarge”, “LAP” or “the Company). The rating reflects the Company’s strong and sustainable cash flow upheld by favourable payment terms with customers and suppliers, as well as its adequate working capital supported in part by its good equity funding buffer, low leverage and satisfactory profitability. The rating also takes cognisance of Lafarge’s leading position in Nigeria’s cement industry, its diversified portfolio of innovative building products and wide distribution network. Furthermore, the rating considers the Company’s qualified and experienced management team as well as the strong parental support it enjoys from Holcim Group (the world’s largest producer of cement). Nonetheless, the rating is tempered by the rising operating costs environment in Nigeria, exacerbated by the spike in energy prices, higher inflationary pressures and Naira devaluations with adverse impact on margins for cement operators. Lafarge Africa PLC is a member of Holcim Group (‘HCG’, ‘the Group’ or ‘Holcim’) – the world’s leading producer of building materials. HCG has a diversified portfolio of products including cement, aggregates, ready-mix concrete and asphalt amongst others and provides sustainable building solutions to a large customer base. The Group has a wide footprint in the global cement industry, with an installed capacity of 386.5 million metric tonnes per annum, operating across 80 countries. Holcim group is rated “Bbb+” by Standard and Poors and Baa1 by Moody’s with a stable outlook

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.
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Finance & Leasing

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North South Power Company Limited A Jun 30 , 2024 Stable Nigeria
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Food Concepts Plc A Jun 30 , 2024 Stable Nigeria
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Odu'a Investment Company Limited A Jun 30 , 2024 Stable Nigeria
Lionseal Industries Limited Bbb- Jun 30 , 2024 Stable Nigeria
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Julius Berger Nigeria Plc A- Jun 30 , 2024 Stable Nigeria
African Steel Mills Bbb Jun 30 , 2024 Stable Nigeria
GEL Utility Limited Bbb+ Jun 30 , 2024 Stable Nigeria
Saro Agrosciences Limited Bbb Jun 30 , 2024 Stable Nigeria
Lafarge Africa Plc Aa- Jun 30 , 2024 Stable Nigeria
UAC of Nigeria PLC A- Jun 30 , 2024 Stable Nigeria
Sundry Foods Limited A- Jun 30 , 2024 Stable Nigeria
CapitalSage Technology Limited Bbb+ Jun 30 , 2024 Stable Nigeria
Romco Recycling Company Limited Bbb- Jun 30 , 2024 Stable Nigeria
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TotalEnergies Marketing Nigeria Plc A- Jun 30 , 2024 Stable Nigeria
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GZ Industries Limited A Jun 30 , 2024 Stable Nigeria
Ibom Airlines Limited Bbb- Jun 30 , 2024 Stable Nigeria
Coleman Technical Industries Limited Bbb Jun 30 , 2024 Stable Nigeria
Geregu Power Plc Bbb+ Jun 30 , 2024 Stable Nigeria
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Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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River Jamieson SPV Limited’s ₦24.5 Billion Bond Bbb Dec 31 , 2024 Stable Nigeria
GPC-SPV Company PLC’s ₦20 Billion Bond Aaa Nov 23 , 2024 Stable Nigeria
MTN Nigeria Communications Plc's ₦89.99 Billion 10-Year Series II Bond Due 2031 Aa+ Sep 30 , 2024 Stable Nigeria
MTN Nigeria Communications Plc's ₦10 Billion Series 1 Bonds Due 2026 and ₦104.9 Billion Series 1 Bonds Aa+ Sep 30 , 2024 Stable Nigeria
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Sundry Foods Funding SPV PLC’s ₦2.5 bil+B47lion 5-Year 13.5% Fixed Rate Bond Due 2026 A- Dec 15 , 2024 Stable Nigeria
BUA Cement PLC’s ₦115 billion 7.5% Seven-Year Senior Unsecured Fixed Rate Bond Due 2027 A+ Dec 31 , 2024 Stable Nigeria
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NECIT Nigeria Limited's Up to ₦10 billion Commercial Papers under the ₦20 billion Programme A Jun 30 , 2024 Stable Nigeria
MTN Nigeria Communications PLC's ₦110 Billion Seven-Year 13% Senior Unsecured Fixed Rate Series 1 Bond Aa+ Jun 30 , 2024 Stable Nigeria
ABC Transport Plc's ₦900 Billion Five-Year 16.5% Fixed Rate Senior Secured Bond Bbb- Jun 30 , 2024 Negative Nigeria
Flour Mills of Nigeria PLC’s ₦4.89 billion 5-Year 5.5% Fixed Rate Senior Unsecured Bond and ₦25 billion 7-Year 6.25% Fixed Rate Senior Unsecured Bond A- Dec 15 , 2024 Stable Nigeria
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AFEX Fair Trade Limited ₦150 Billion Asset-Backed Commercial Paper S3 sf Nov 30 , 2024 Stable Nigeria
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