Rating Release
Agusto & Co. hereby affirms the “Bbb-” rating assigned to LAPO MFB SPV Plc’s Series II ₦6.2 billion 5-Year 13% Fixed Rate Senior Unsecured Bond
The rating expires on 30 March 2025.
Agusto & Co. hereby affirms the “Bbb-” rating assigned to LAPO MFB SPV Plc’s (“LAPO SPV” or “the Issuer”) Series II ₦6.2 billion 5-Year 13% Fixed Rate Senior Unsecured Bond (“the Bond” or “the Issue”). The Bond’s coupon is payable semi-annually and the principal will be redeemed as a bullet sum at maturity in March 2025. The Issuer was established to finance LAPO Microfinance Bank Limited (“LAPO MFB”, “the MFB” or “the Sponsor”) by issuing debt securities to the general public. The Issue is backed by the Sponsor’s undertaking to fulfil LAPO SPV’s payment obligations to the bondholders. Thus, the Bond rating mirrors the standalone rating of LAPO MFB.
