Agusto & Co. hereby affirms the “A+sf” rating assigned to CERPAC Receivables Funding SPV Plc’s Up To ₦25 Billion Future Flow Receivables Backed Securitisation Fixed Rate Bond and attaches a stable outlook:
₦4.877 billion 18.25% Future Flow Receivables Backed Securitisation Bond Due 2025 (Discrete Bond)
₦12.5 billion 15.25% Future Flow Receivables Backed Securitisation Bond Due 2025 (Series 1 Bond)
₦1.6 billion 15.5% Future Flow Receivables Backed Securitisation Bond Due 2025 (Series 2 Bond)
This rating expires 31 January 2021.
The rating reflects the continued fulfilment of the weekly collection of CERPAC Card sales into the designated Transaction Collection Account held with the Bond Trustees demonstrating the Seller’s capacity to generate sufficient cash flows to meet bond obligations as and when due. Nonetheless, the assigned rating is contingent on the Federal Government of Nigeria continuing to honour the contract with Continental Transfert Technique Limited for the production and sale of up to 900,000 (488,239 cards outstanding as at 31 January 2020) Combined Expatriate Residence Permit and Alien Cards (CERPAC Cards) in Nigeria. In the event of a termination of the contract by the FGN during the life of the bond, the assigned issue rating becomes invalids.
Continental Transfert Technique Limited (“the Sponsor”, “the Seller”, “CTTL” or “the Company”) sponsored the incorporation of a special purpose vehicle, CERPAC Receivables Funding SPV Plc (“CRFS”, “the Issuer” or “SPV”) in May 2017, to raise funds in connection with the funding program for the purchase of current and future receivables accruing to the Seller from the sale of the Combined Expatriate Residence Permit and Alien Cards (CERPAC Cards) in Nigeria.
The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such.
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