GCR Ratings (“GCR”) has placed Dufil Prima Foods Plc’s long-term and short-term national scale Issuer ratings of A-(NG) / A2(NG) respectively on ‘Review Extension’. Concurrently, the national scale long term Issue rating of A-(NG) accorded to the N10bn Series 1 bond has also been placed on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating result on or before 31 July 2021.
The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.
Related Criteria and Research
| Criteria for the GCR Ratings Framework, May 2019 |
| GCR Nigeria Country Risk Score report, published February 2021 |
| GCR Nigeria Sector Risk Score, published February 2021 |
| Criteria for Rating Corporate Entities, May 2019 |
| Dufil Prima Foods rating report 2016-2020 |
Ratings History
Dufil Prima Foods Plc
| Rating class |
Review |
Rating scale |
Rating |
Outlook/Watch |
Date |
| Long Term Issuer |
Initial |
National |
A-(NG) |
Stable Outlook |
June 2016 |
| Short Term Issuer |
Initial |
A2(NG) |
| N10bn Series1 Bond LT Issue |
Initial |
National |
A-(NG) |
Positive |
October 2017 |
| Long Term Issuer |
Last |
National |
A-(NG) |
Stable Outlook |
August 2020 |
| Short Term Issuer |
Last |
A2(NG) |
| N10bn Series1 Bond LT Issue |
Last |
A-(NG) |
SALIENT POINTS OF ACCORDED RATING
GCR affirms that a.) no part of the ratings process was influenced by any other business activities of the credit rating agency; b.) the rating was based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such rating was an independent evaluation of the risks and merits of the rated entity, security or financial instrument.
The credit rating has been disclosed to the rated entity. The rating above was solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the rating.
The rated entity participated in the rating process via teleconferences and other written correspondence.