Agusto & Co. hereby WITHDRAWS the “Aa” and “Aa-” ratings assigned to Interswitch Limited and the Interswitch Africa One Plc’s ₦23 billion 7-year 15% fixed rate Series 1 Senior Unsecured Callable Bonds Due 2026 (“Series 1 Bond”), both of which expired 30 September 2020.
Agusto & Co. Limited was engaged via a letter of engagement dated 1 July 2019 by Interswitch Limited to perform a credit rating for Interswitch Limited (“the Company”) and the proposed ₦23 billion 7-year 15% fixed rate Series 1 Senior Unsecured Callable Bonds Due 2026 (“Series 1 Bond”) issued by a sponsored special purpose vehicle – Interswitch Africa One Plc. At the end of the rating exercise, Agusto & Co. assigned “Aa” and “Aa-“ ratings to the Company and the Series 1 Bond respectively, with expiry dates of 30 September 2020 each.
In line with the duly executed letter of engagement with Agusto & Co. and in tandem with the Securities and Exchange Commission (SEC) requirements, the credit rating agency is expected to perform annual rating renewals over the tenor of the Bond. However, Interswitch Limited has indicated its intention to discontinue the annual rating renewal exercise for the Company and the Series 1 Bond following the expiry of the ratings on 30 September 2020. Therefore. Agusto & Co. has withdrawn the ratings assigned to the Company and the Series 1 Bond and by this notice hereby notifies SEC and the investing public of this rating action.
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.