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Agusto & Co. hereby reviews the rating assigned to CERPAC Receivables Funding SPV Plc to A+sf

Rating Release

Agusto & Co. hereby reviews the rating assigned to CERPAC Receivables Funding SPV Plc’s Up To ₦25 Billion Future Flow Receivables Backed Securitisation Fixed Rate Bond to “A+sf” and attaches a stable outlook:

  • ₦4.877 billion 5-Year 18.25% Future Flow Receivables Backed Securitisation Bond Due 2023 (Discrete Bond)
  • ₦12.5 billion 5-Year 15.25% Future Flow Receivables Backed Securitisation Bond Due 2023 (Series 1 Bond)
  • ₦1.6 billion 5-Year 15.5% Future Flow Receivables Backed Securitisation Bond Due 2023 (Series 2 Bond)

The ratings expire on 31 January 2020.

The rating reflects the significant variation in the pledged asset value held with the Joint Trustees which acts as credit support for the bonds. Nonetheless, our assigned rating is contingent on the Federal Government of Nigeria continuing to honour the contract with Continental Transfert Technique Limited for the production and sale of the Combined Expatriate Residence Permit and Alien Cards (CERPAC Cards) in Nigeria. In the event of a termination of the contract by the FGN during the life of the bond, the assigned issue rating becomes invalid.

Continental Transfert Technique Limited (“the Sponsor”, “the Seller”, “CTTL” or “the Company”) sponsored the incorporation of a special purpose vehicle, CERPAC Receivables Funding SPV Plc (“CRFS”, “the Issuer” or “SPV”) in May 2017, to raise funds in connection with the funding program for the purchase of current and future receivables accruing to the Seller from the sale of the Combined Expatriate Residence Permit and Alien Cards (CERPAC Cards) in Nigeria.

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.

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 given to Agusto & Co.

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.