Rating Release
Agusto & Co. hereby upgrades C&I Leasing Plc’s (“C&I Leasing” or “the Company”) ratings to“Bbb” (long term) and “A2” (short term), with a stable outlook.
The rating expires on 30 June 2026
Agusto & Co. hereby upgrades C&I Leasing Plc’s (“C&I Leasing” or “the Company”) ratings to “Bbb” (long term) and “A2” (short term). The upgrades reflect C&I Leasing and its subsidiaries’ (“C&I Group” “the Group”) improved business profile in line with the increased stability in the global and Nigerian oil & gas sectors and rising demand for leasing services as the Nigerian and Ghanian economies show signs of gradual recovery. The ratings are supported by C&I Group’s diversified or funding sources and strong ability to refinance maturing obligations, with sustained access to bank credit lines, secured lease notes issued to institutional and individual investors and debt instruments such as commercial papers and bonds from the money and capital markets. The ratings are also upheld by the Group’s leading position in the leasing and marine logistics industry, acceptable capitalisation, low leverage, and an experienced management team. However, the ratings are constrained by C&I Group’s low profitability due to the high-cost profile, low bargaining power with international oil and gas operators and concentration in ownership. We have also considered the Group’s exposure to fluctuations in international crude oil prices and the lingering macroeconomic headwinds.
C&I Group provides a broad suite of solutions across business logistics, personnel outsourcing, and operating lease services to international and indigenous corporates in Nigeria and Ghana.The Group offers automobile finance leases, fleet management, and car rental services under the Hertz franchise in Nigeria and the Switch Car Rental label in Ghana