Agusto & Co. hereby maintains the “Bbb-” rating assigned to C & I Leasing Plc
The rating expires on 30 June 2023
Agusto & Co. hereby maintains the “Bbb-” rating assigned to C & I Leasing Plc (“C & I” or “the Group”). The rating reflects C & I’s large market share in the leasing industry, stable and experienced management team, adequate capitalisation and diversified funding. However, the rating is constrained by subpar asset quality, low profitability, inadequate segregation of duties across key assurance functions, weak risk management practice around the collection of receivables and a low liquidity ratio. We have also considered the impact of the weakening macroeconomic indicators on the Group’s performance. C & I is a leasing group that provides marine services, fleet maintenance services, car rentals, business logistics and outsourcing services in Nigeria and Ghana.