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 2025.
Agusto & Co. hereby affirms the “Bbb+” rating assigned to C&I Leasing Plc’s (“C&I” or “the Issuer”) Series II ₦10 billion 7-Year 15.5% Fixed Rate Senior Secured Bond (“the Issue” or “the Bond”). The Bond is secured by 10 unencumbered marine vessels (“the Security”) owned by the Issuer, and valued at ₦19.7 billion on the open market by Ubosi Eleh & Co. in February 2024, with a forced sale value of ₦13.8 billion. An additional haircut of 25% on the forced sale value of the vessels indicates an 88% recovery rate on the outstanding ₦11.8 billion in principal and coupons, which is payable over the next four years until June 2028. The rating is two notches up Agusto & Co.’s standalone rating of C&I, given the security of the vessels.
