GCR Extends Validity of GEL Utility Funding SPV Plc’s Series 1 Guaranteed Bonds’ Indicative Rating
Lagos, 23 April 2019 – Global Credit Ratings (“GCR”) has extended the validity of the indicative long-term public credit rating of AAA(NG)(sf) accorded to GEL Utility Funding SPV Plc’s (“GEL-SPV”, or “the Issuer”) proposed Series 1 (up to N15.5bn) Senior Guaranteed Fixed Rate Bonds Issue.
The Issuer and Infrastructure Credit Guarantee Company Limited (“Guarantor”) have confirmed that certain terms of the recourse deed are being modified and this has resulted in a delay in the finalisation of the guarantee documentation. GEL-SPV expects that the bond issuance will take place within the next few months, subject to meeting the conditions precedent to issue. The Guarantor confirmed that there has been no material change in the proposed size, tenor of the bonds as well as the terms of the guarantee. In view of this, GCR expects to receive copies of executed transaction documents once the transaction closes and intends to publicly release the final rating on or before July 31, 2019.
CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCR’S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCR’S OPINIONS INCLUDED IN GCR’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCR’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCR’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCR’S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCR’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.
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