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Agusto & Co. hereby WITHDRAWS the “Aaa” ratings assigned to Mixta Real Estate Plc’s Series 1 & 2 (Tranche A & B) Bonds

Rating Release

 Agusto & Co. hereby WITHDRAWS the “Aaa” ratings assigned to Mixta Real Estate Plc’s 4.5 billion 5-year 17% fixed rate Senior Guaranteed Bond Due 2022 (“Series 1 Bond”) and 2.961 Billion 16.5% 5-year fixed rate Senior Guaranteed Bond Due 2023 (“Series 2 Tranche A”) as well as the “Bbb” rating assigned to the 2.32 Billion 17.75% 5-year fixed rate Senior Secured Bond Due 2023 (“Series 2 Tranche B”). The Series 1 & 2 (Tranche A & B) Bonds expired 30 September 2020.

Agusto & Co. Limited was engaged via a letter of engagement dated 22 January 2016 by Mixta Real Estate Plc (“Mixta Nigeria”, “the Company” or “the Issuer”) to perform credit ratings for Mixta Nigeria and the eventual ₦4.5 billion 5-year 17% fixed rate Senior Guaranteed Bond Due 2022 (“Series 1 Bond”). The Company later engaged the services of Agusto & Co. Limited in May 2018 for the credit ratings of its ₦2.961 Billion 16.5% 5-year fixed rate Senior Guaranteed Bond Due 2023 (“Series 2 Tranche A”) and ₦2.32 Billion 17.75% 5-year fixed rate Senior Secured Bond Due 2023 (“Series 2 Tranche B”). At the end of the 2019 annual rating review exercise, Agusto & Co. affirmed the “Aaa” ratings assigned to the Series 1 Bond and Series 2 Tranche A Bond (which are guaranteed by GuarantCo), while the rating of the Series 2 Tranche B Bond was downgraded to “Bbb” to reflect the deterioration in the Company’s credit quality following a two-notch downgrade of Mixta Nigeria’s rating to “Bb” on 23 December 2019.

In line with the duly executed letters of engagement (LOE) 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 Bonds. However, Mixta Real Estate Plc has indicated intention to discontinue with the annual rating renewal exercise for the Company and the Series 1 & 2 (Tranche A & B) Bonds following the expiry of the ratings on 30 June 2020 and 30 September 2020 respectively. Therefore. Agusto & Co. has withdrawn the ratings assigned to Mixta Nigeria and the Series 1 & 2 (Tranche A & B) Bonds and by this notice hereby notifies SEC and the investing public of these rating actions in line with the LOE.

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.