Rating Release
Agusto & Co. hereby affirms the “Bbb+” rating assigned to C & I Leasing Plc’s Series II ₦10 billion 7-Year 15.5% Fixed Rate Senior Secured Bond
The rating expires on 30 June 2023
Agusto & Co. hereby affirms the “Bbb+” rating assigned to C & I Leasing Plc’s (“the Issuer”) Series II ₦10 billion 7-Year 15.5% Fixed Rate Senior Secured Bond (“Series II bond”) maturing in 2028. The Series II bond is secured by 10 marine vessels (“the Security”) owned by the Issuer and valued at ₦15.7 billion on the open market by Ubosi Eleh & Co. in January 2023, with a forced sale value of ₦11.7 billion. This indicates a 107% recovery rate for the Series II bond after payment of the balance on the Series I bond. The Issuer has a “Bbb-” rating from Agusto & Co. supported by large market share in the leasing industry, stable and experienced management team, adequate capitalisation and diversified funding.