Rating Release
C& I Leasing Plc’s Series I ₦7 billion 5-year 16.54% Fixed Rate Senior Secured Bond
The rating expires on 30 June 2023
Agusto & Co. hereby affirms the ‘A-’ rating assigned to C & I Leasing Plc’s (“the Issuer”) Series I ₦7 billion 5-year 16.54% Fixed Rate Senior Secured Bond (“Series I bond”) maturing in June 2023. The Series I bond is secured by 10 marine vessels (“the Security”) owned by the Issuer and valued at ₦15.7 billion on the open market by Ubosi Eleh & Co. in January 2023, with a forced sale value of ₦11.7 billion. This indicates a 1124% recovery rate for the ₦1.05 billion balance of the Series I bond. The Issuer has a “Bbb-” rating from Agusto & Co. supported by large market share in the leasing industry, stable and experienced management team, adequate capitalisation and diversified funding.