Nigerian industrials company keeps rating

A Nigeria-based industrials company’s scale long and short-term issuer ratings have been affirmed, with a stable outlook, by a rating agency.

Eunisell’s long-term rating has been affirmed at BBB(NG), while the short-term rating has been kept at A3(NG).

The rating reflects Eunisell’s strong niche market position, sound revenue trajectory and the substantial liquidity coverage.

Eunisell’s outlook reflects the rating agency’s expectation that the ongoing expansion plans will be supportive of earnings growth over the medium term, which should mitigate the impact of the spike in the debt profile on debt service metrics.

This comes after Eunisell received first-time ratings from the rating agency in 2020.

See issuer profile here