Rating Release
Agusto & Co. hereby assigns an indicative “A-” rating to Axxela Funding 1 Plc’s up to ₦15 Billion 10-Year Series 1 Fixed Rate Bonds Due 2033
The rating expires on 30 November 2024.
Agusto & Co. hereby assigns an indicative “A-” rating to Axxela Funding 1 Plc’s up to ₦15 Billion 10-Year Series 1 Fixed Rate Bonds Due 2033 (“Series 1”, “the Bond” or “the Issue”) under the ₦50 Billion Multi-Instrument Issuance Programme. The Bond which ranks pari passu with other senior obligations of the Co-Obligors – Axxela Limited and Gaslink Nigeria Limited, mirrors the standalone rating of the Sponsor (Axxela Limited1 ). The Issue rating is also supported by an irrevocable and unconditional undertaking of the CoObligors to meet the Bond obligations from its consolidated operating cash flow as well as the presence of a dedicated minimum reserve account funded from the Issue proceeds (managed by the Bond Trustees) to cover up to one-time semi-annual coupon payment obligation if there is any shortfall in the Payment Account.
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.
