Rating Release 

Agusto & Co hereby assigns an indicative “A+” rating to Paras Energy Funding SPV PLC’s (“the Issuer”) ₦15 Billion Five-Year Senior Unsecured Fixed Rate Bond Due 2030 (“Series 1 Bond”, “the Issue”, or “the Bond”) with a stable outlook 

The rating expires on 30 October 2026. 

Agusto & Co hereby assigns an indicative “A+” rating to Paras Energy Funding SPV PLC’s (“the Issuer”) ₦15 Billion Five-Year Senior Unsecured Fixed Rate Bond Due 2030 (“Series 1 Bond”, “the Issue”, or “the Bond”) under the ₦25 Billion Bond Issuance Programme.  The rating mirrors the standalone rating of Paras Energy and Natural Resources Development Limited (“Paras Energy,” “PENRDL” or “the Sponsor”), issued by Agusto & Co. and valid until 30 June 2026. This is underpinned by the Sponsor’s undertaking to ensure the timely fulfilment of the Issuer’s obligations on all scheduled principal and coupon payments under the Series 1 Bond.  The rating further reflects the adequacy of the Sponsor’s projected earnings before interest, tax, depreciation and amortization (EBITDA) in covering the Bond obligations, its long-term power purchase agreements which provide stable cash flows and the quality of its counterparties.

Paras Energy Funding SPV PLC was incorporated on 11 November 2024 as a non-operating special purpose vehicle to raise debt securities for its Sponsor – Paras Energy and Natural Resources Development Limited – in the Nigerian private capital markets, primarily through the issuance of bonds, debenture stock, or other instruments. The Issuer is wholly owned and controlled by Paras Energy and Natural Resources Development Limited.