Rating Release
Agusto & Co. upgrades the rating assigned to Sundry Foods Funding SPV Plc’s ₦2.5 Billion Bond to “A-“
The rating expires on 31 December 2023.
Agusto & Co. upgrades the rating assigned to Sundry Foods Funding SPV Plc’s (“Sundry Foods SPV” or “the Issuer”) ₦2.5 billion 5-Year 13.5% Fixed Rate Bond Due 2026 (“Series 1 bond”, “the Bond” or “the Issue”) under the ₦20 Billion Bond Issuance Programme to “A- “. The issue rating mirrors the standalone rating of Sundry Foods Limited (“Sundry Foods”, “the Sponsor” or “Co-Obligor”) which was upgraded to “A-“ in July 2022 by Agusto & Co. The rating reflects the Issuer’s good profitability, moderate leverage, adequate working capital, good cash flow, stable and experienced management team, and its market position as one of the leading players in the Quick Service Restaurant (QSR) industry.
Sundry Foods is primarily engaged in the running of quick-service restaurants and bakery services as well as catering facilities to individuals and corporate entities around Nigeria. The Sponsor was incorporated in 2003 and operates under the brand names – Kilimanjaro, Pizza Jungle, Kiligrill and Nibbles Creamery. Since its inception, Sundry foods has opened over a hundred outlets consisting of restaurants, bakeries and catering outlets spread across Nigeria, with a majority of the outlets in Port Harcourt, Lagos and Abuja.
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.
