Rating Release
Agusto & Co. hereby affirms the ‘Bbb-’ rating assigned to C&I Leasing Plc with a stable outlook
The rating expires on 30 June 2025.
Agusto & Co. affirms the “Bbb-“ rating assigned to C&I Leasing Plc (“C&I” or “the Parent”). The rating is supported by the good profile of the marine vessels, leading position in the leasing industry, diversified funding sources, good capitalisation and experienced management team. However, the rating is constrained by the weak profitability, low bargaining power with international oil & gas clients and the reliance on expensive short-term borrowings. We have also considered the crude oil price instability and challenges in Nigeria’s upstream oil and gas industry, which typically influence the fortunes of marine vessel leasing operators.
