Nigerian company gets initial rating

A Nigeria-based business services company has been assigned first-time national scale long-term and short-term issuer ratings by GCR Ratings.

ENL Consortium has received an initial national scale long-term rating of BBB+(NG), and short-term issuer rating of A2(NG), with a stable outlook.

ENL’s rating reflects its strong financial profile, supported by earnings and cash flow stability over the last 15 years with limited recourse to debt necessary.

The stable outlook reflects GCR’s view that ENL’s port operations will continue to underpin strong earnings and cash flows.

See issuer profile here