Agusto & Co. hereby reviews the rating assigned to C&I Leasing Plc to Bbb-.

Agusto & Co. hereby reviews the rating assigned to C&I Leasing Plc to Bbb-.

Rating Release

Agusto & Co. hereby reviews the rating assigned to C & I Leasing Plc to Bbb-. with a stable outlook

 The rating expires on 30 June 2022.

Agusto & Co. hereby reviews the rating assigned to C & I Leasing Plc (“C & I” or “the Group”) to ‘Bbb-‘. The assigned rating reflects C & I’s low profitability, funding mismatch and subpar risk management around the collection of receivables. The Group’s performance remains susceptible to volatilities in the price of crude oil owing to the concentration of operating leases to the oil & gas sector. The assigned rating also reflects the adverse impact of the COVID-19 pandemic-induced downturns in the oil & gas and transportation sectors on the Group’s asset quality. The effect of the global and domestic economic challenges on C & I’s businesses has also been taken into consideration. The rating is, however, supported by the Group’s stable and experienced management team, adequate capitalisation and C & I’s leadership position in the leasing industry in Nigeria and Ghana.

C & I is one of the largest finance leasing groups and business logistics providers in Nigeria and West Africa. The Group comprises C & I Leasing Plc, Nigeria, and three subsidiaries, two of which are wholly-owned – Epic International FZE, United Arab Emirates and C & I FZE – and Leasafric Ghana Limited. C & I is licensed by the Central Bank of Nigeria as a finance house and the Bank of Ghana, Ghana as a non-bank financial institution.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
C&I Leasing Plc ₦10 billion 7-year Series II Bond Bbb+ Jun 03 , 2022 Stable Nigeria
C&I Leasing Plc ₦7 billion 5-year Series I Bond A- Jun 11 , 2022 Stable Nigeria
C&I Leasing Plc Bbb- Jun 30 , 2022 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 Plc’s Series 1 Bond A- May 31 , 2022 Stable Nigeria
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria