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.
