Agusto & Co. hereby assigns a “Bbb-” rating to Accelerex Funding SPV Plc’s ₦2.275 billion 14% Series 1 Senior Bond

Rating Category: Corporate Bonds

Agusto & Co. hereby assigns a “Bbb-” rating to Accelerex Funding SPV Plc’s ₦2.275 billion 14% Series 1 Senior Bond

Rating Release

Agusto & Co. hereby assigns a “Bbb-” rating to Accelerex Funding SPV Plc’s ₦2.275 billion 14% Series 1 Senior Bond

The rating expires on 30 June 2024.

Agusto & Co. hereby assigns a “Bbb-” rating to Accelerex SPV Plc’s (“ASP”, “Issuer” or “the SPV”) ₦2.275 billion 14% Fixed Rate Series 1 Senior Unsecured Bond Due 2027 (“Series 1”, “Bond” or “Issue”) under the ₦20 Billion Bond Issuance Programme. The Issue rating reflects the irrevocable and unconditional undertaking provided by Global Accelerex Limited1 (“Global Accelerex”, “Sponsor”, “GAL” or “the Company”) through the pledging of its operating cash flow as the primary source for repaying the Series 1 Bond obligations as well as the credit support provided through an Escrow account (with a credit balance of ₦122.2 million) under the control of the Bond Trustees to cover up to one-time semi-annual coupon payment in the event of a shortfall or delay by the Sponsor in meeting the Bond obligations as and when due.

The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.

 

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.
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Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
FundQuest Financial Services Limited Bbb- Jun 30 , 2024 Stable Nigeria
C&I Leasing Plc's Series II ₦10 Billion Bond Bbb+ Jun 30 , 2024 Stable Nigeria
Fewchore Finance Company Limited Bbb- Jun 30 , 2024 Stable Nigeria
C&I Leasing Plc Bbb- Jun 30 , 2024 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2024 Stable Nigeria
Fast Credit Limited Bbb Jun 30 , 2024 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Tempo Paper Pulp and Packaging Plc Bbb- Jun 30 , 2024 Stable Nigeria
Lagos Free Zone Company Bbb Jun 30 , 2025 Stable Nigeria
Dangote Sugar Refinery PLC A+ Jun 30 , 2024 Stable Nigeria
African Non-Ferrous Industries Limited A- Jun 30 , 2024 Stable Nigeria
Paras Energy and Natural Resources Development Limited Bbb+ Jun 30 , 2024 Stable Nigeria
Nigerian Breweries PLC A+ Jun 30 , 2024 Stable Nigeria
Paras Energy and Natural Resources Development Limited Bbb+ Jun 30 , 2024 Stable Nigeria
North South Power Company Limited A Jun 30 , 2024 Stable Nigeria
African Foundries Limited Bbb+ Jun 30 , 2024 Stable Nigeria
Food Concepts Plc A Jun 30 , 2024 Stable Nigeria
Industrial and Medical Gases Nigeria Plc A+ Jun 30 , 2024 Stable Nigeria
African Steel Mills (Nigeria) Limited Bbb+ Jun 30 , 2024 Stable Nigeria
Odu'a Investment Company Limited A Jun 30 , 2024 Stable Nigeria
Lionseal Industries Limited Bbb- Jun 30 , 2024 Stable Nigeria
Saro Lifecare Limited Bbb+ Jun 30 , 2024 Stable Nigeria
Julius Berger Nigeria Plc A- Jun 30 , 2024 Stable Nigeria
African Steel Mills Bbb Jun 30 , 2024 Stable Nigeria
GEL Utility Limited Bbb+ Jun 30 , 2024 Stable Nigeria
Saro Agrosciences Limited Bbb Jun 30 , 2024 Stable Nigeria
Lafarge Africa Plc Aa- Jun 30 , 2024 Stable Nigeria
UAC of Nigeria PLC A- Jun 30 , 2024 Stable Nigeria
Sundry Foods Limited A- Jun 30 , 2024 Stable Nigeria
CapitalSage Technology Limited Bbb+ Jun 30 , 2024 Stable Nigeria
Romco Recycling Company Limited Bbb- Jun 30 , 2024 Stable Nigeria
Nisa Medical Group Limited Bbb Jun 30 , 2024 Stable Nigeria
BUA Cement PLC A+ Jul 31 , 2024 Stable Nigeria
Johnvents Industries Limited Bbb Jun 30 , 2024 Stable Nigeria
MTN Nigeria Communications PLC Aa+ Jun 30 , 2024 Stable Nigeria
Wemabod Limited A- Jun 30 , 2024 Stable Nigeria
TotalEnergies Marketing Nigeria Plc A- Jun 30 , 2024 Stable Nigeria
BB Landmark Realty Limited Bbb+ Jun 30 , 2024 Stable Nigeria
Flour Mills of Nigeria Plc A- Sep 30 , 2024 Stable Nigeria
GZ Industries Limited A Jun 30 , 2024 Stable Nigeria
Ibom Airlines Limited Bbb- Jun 30 , 2024 Stable Nigeria
Coleman Technical Industries Limited Bbb Jun 30 , 2024 Stable Nigeria
Geregu Power Plc Bbb+ Jun 30 , 2024 Stable Nigeria
Global Accelerex Limited Bbb Jun 30 , 2024 Stable Nigeria
Axxela Limited A- Jun 30 , 2024 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
LFZC Funding SPV Plc’s ₦25 Billion Bond  Aaa Mar 16 , 2025 Stable Nigeria
LFZC Funding SPV Plc’s ₦10.5 Billion Bond Aaa Sep 16 , 2025 Stable Nigeria
LFZC Funding SPV Plc’s ₦17.5 Billion Bond  Aaa Mar 16 , 2025 Stable Nigeria
River Jamieson SPV Limited’s ₦15.306 billion Series 1 and ₦2.25 billion Series 2 Bonds A Mar 14 , 2025 Stable Nigeria
River Jamieson SPV Limited’s ₦24.5 Billion Bond Bbb Dec 31 , 2024 Stable Nigeria
GPC-SPV Company PLC’s ₦20 Billion Bond Aaa Nov 23 , 2024 Stable Nigeria
MTN Nigeria Communications Plc's ₦89.99 Billion 10-Year Series II Bond Due 2031 Aa+ Sep 30 , 2024 Stable Nigeria
MTN Nigeria Communications Plc's ₦10 Billion Series 1 Bonds Due 2026 and ₦104.9 Billion Series 1 Bonds Aa+ Sep 30 , 2024 Stable Nigeria
Presco PLC's ₦34.5 billion Seven-Year Senior Unsecured Fixed Rate Bonds Due 2029 Aa- Jun 30 , 2024 Stable Nigeria
Sundry Foods Funding SPV PLC’s up to ₦5.5 Billion Five-Year Fixed Rate Senior Unsecured Bond Due 2028 A- Jun 30 , 2024 Stable Nigeria
Sundry Foods Funding SPV PLC’s ₦2.5 bil+B47lion 5-Year 13.5% Fixed Rate Bond Due 2026 A- Dec 15 , 2024 Stable Nigeria
BUA Cement PLC’s ₦115 billion 7.5% Seven-Year Senior Unsecured Fixed Rate Bond Due 2027 A+ Dec 31 , 2024 Stable Nigeria
GEL Utility Funding SPV PLC's ₦13 Billion Infrastructure Bond Due 2034 Aaa Aug 31 , 2024 Stable Nigeria
NECIT Nigeria Limited's Up to ₦10 billion Commercial Papers under the ₦20 billion Programme A Jun 30 , 2024 Stable Nigeria
MTN Nigeria Communications PLC's ₦110 Billion Seven-Year 13% Senior Unsecured Fixed Rate Series 1 Bond Aa+ Jun 30 , 2024 Stable Nigeria
ABC Transport Plc's ₦900 Billion Five-Year 16.5% Fixed Rate Senior Secured Bond Bbb- Jun 30 , 2024 Negative Nigeria
Flour Mills of Nigeria PLC’s ₦4.89 billion 5-Year 5.5% Fixed Rate Senior Unsecured Bond and ₦25 billion 7-Year 6.25% Fixed Rate Senior Unsecured Bond A- Dec 15 , 2024 Stable Nigeria
Aradel Plc's (formerly NDEP) ₦10.318 billion Five-Year 17% Fixed Rate Senior Unsecured Bond A+ Jun 30 , 2024 Stable Nigeria
Geregu Power Plc’s ₦40.085 Billion 7-Year 14.5% Senior Unsecured Fixed Rate Bond Bbb+ Jul 28 , 2024 Stable Nigeria
Axxela Funding 1 Plc’s ₦11.5 Billion Series 1 Seven-Year 14.3% Fixed Rate Bond Due 2027 Bbb+ May 31 , 2024 Stable Nigeria
AFEX Fair Trade Limited ₦150 Billion Asset-Backed Commercial Paper S3 sf Nov 30 , 2024 Stable Nigeria
Accelerex Funding SPV Plc’s ₦2.275 billion 14% Series 1 Senior Bond Bbb- Jun 30 , 2024 Stable Nigeria
Axxela Funding 1 Plc's up to ₦15 Billion Ten-Year Series 1 Bond A- Nov 30 , 2024 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria