Rating Release
Agusto & Co. hereby assigns a ‘Bbb-’ rating to Parthian Partners Funding SPV Plc’s 3-Year 13.5% ₦10 billion Senior Unsecured Fixed Rate Short-term Bond Due 2025
This rating expires 27 July 2023.
Agusto & Co. hereby assigns a ‘Bbb-’ rating to Parthian Partners Funding SPV Plc’s 3-Year 13.5% ₦10 billion Senior Unsecured Fixed Rate Short-term Bond Due 2025 (“the Issue” or “the Bond”) under the ₦10 Billion Bond Issuance Programme. The Bond is a senior, direct, unconditional, unsecured obligation of the Issuer that rank pari passu without any preference among themselves and all unsecured creditors of the Issuer. The rating assigned to the Bond is supported by the use of the net proceeds to trade highly liquid Federal Government of Nigeria (FGN) securities and the obligation of the Bond Trustees (Apel Capital & Trust Limited and CardinalStone Trustees Limited) to monitor and ensure the proceeds are used only for such investments. Any deviation from these terms as stated in the Trust Deed will have a negative rating implication
Parthian Partners Limited was incorporated as a private limited liability company in Nigeria in 2012 and licensed to operate as an inter-dealer broker from the Securities and Exchange Commission (SEC). The Sponsor provides wholesale brokerage services to market dealers and investors, including pension fund administrators, fund managers, banks and international financial institutions.
