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GCR considers FMN to be moderately geared. Despite the spike in gross debt by N26.5bn to c.N150bn at FY21, net debt to EBITDA moderated to 1.3x (FY20: 1.8x) on the back of higher quantum of earnings and substantial cash holding. GCR anticipates that debt will remain at a moderate level in FY22-23, with further repayments and higher earnings expected to drive further moderation in the leverage metrics to around 90%-120% band. Net interest coverage also strengthened to 6x in FY21 (review average: 3.1x) on the back of improved earnings and a better priced debt book and is expected to be sustained at the 4x-5x range in the medium term
A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.
A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.
A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.
A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.
A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.
| Issue Name | Rating | Country | Rating Published |
|---|---|---|---|
| -- | Long Term Rating: BBB+(NG); Outlook: Positive | Nigeria | 22-10-2020 0:00:00 |
| Series 1: Senior, Unsecured Bond | Long Term Rating: BBB+(NG); Outlook: Positive | Nigeria | 22-10-2020 0:00:00 |
| Series 2: Senior, Unsecured Bond | Long Term Rating: BBB+(NG); Outlook: Positive | Nigeria | 22-10-2020 0:00:00 |
| Series 3: Senior, Unsecured Bond | Long Term Rating: BBB+(NG); Outlook: Positive | Nigeria | 22-10-2020 0:00:00 |
| Series 4: Tranche A and B Senior, Unsecured Bond | Long Term Rating: BBB+(NG)(IR); Outlook: Positive | Nigeria | 22-10-2020 0:00:00 |
| -- | Short Term rating: A2(NG); Outlook: Positive | Nigeria | 22-10-2020 0:00:00 |