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.
