Rating Release 

Agusto & Co. hereby upgrades the rating assigned to CardinalStone Financing SPV Plc’s five-year ₦5 billion 7% Series I Bond to “A-” with a stable outlook 

The rating expires on 31 Dec 2025 

Agusto & Co. hereby upgrades the rating assigned to CardinalStone Financing SPV Plc’s (“the Issuer”) five-year ₦5 billion 7% Series I Bond (“the Bond” or “the Issue”) issued under the ₦10 billion Debt Issuance Programme (“the Programme”) to “A-”. The Issuer is a special purpose vehicle created to issue bonds and on-lend the net proceeds to CardinalStone Partners Limited (“CSP” or “the Sponsor”). The rating of the Bond reflects the upgrade of CSP’s rating by Agusto & Co. to “A-” as the Issue is a direct, unconditional, senior and unsecured obligation of the Sponsor and ranks pari passu in all respects with its other obligations. Thus, the rating of the Bond mirrors the standalone rating of CSP. The Sponsor and its subsidiaries’ (“CSPG” or “the Group”) rating reflects the budding brand in the Nigerian financial services sector, good profitability and liquidity profile, sufficient capitalisation, experienced management team and the demonstrated ability to source funding from diverse sources and refinance maturing obligations in the money and debt capital markets. However, the rating is constrained by CSPG’s notable reliance on volatile trading income and considerable exposures to the uncertainties of the Nigerian stock market.