Juven’s Nigeria-based consumer foods retailer’s national scale long and short-term issuer ratings have been affirmed, with a negative outlook, by a rating agency.
Eat ‘N’ Go’s (ENG) long-term rating has been affirmed at BBB(NG), while the short-term rating has been kept at A3(NG).
The rating agency has affirmed ENG’s on its established position within the highly competitive Nigerian Quick Service Restaurants (QSR) industry, underpinned by its well-entrenched international brands.
Juven is an investment platform that was spun out of Goldman Sachs principal investment team in 2020 to focus on technology and consumer deals across Africa.
Juven rolled Africa deals previously backed by Goldman Sachs into its new platform including Eat’N’Go which was first backed by Goldman Sachs in 2019.
ENG’s stable outlook reflects the rating agency’s expectation it will continue to generate robust earnings and cash flow, which should see credit protection metrics and liquidity profile improve in the coming years.