The Lagos-based rating agency said the withdrawal was driven by a combination of the default itself and a separate determination that it no longer has access to information reliable enough to support a credit opinion on the company.
“Management has advised that previously issued financial statements are undergoing an independent verification process,” Agusto & Co said.
Until that review is complete, the agency said it cannot place any reliance on the audited accounts currently in circulation, and is therefore not in a position to express a view on the company’s creditworthiness.
“Pending completion of this review, Agusto & Co is unable to rely on the current audited financial statements and, therefore, cannot provide an opinion regarding the Company’s creditworthiness,” the agency said.
The Series 1 bond, issued to help fund expansion of Geregu Power’s generation capacity, had carried an “A-” rating, a grade denoting strong credit quality with low expectation of default risk, before Friday’s action. Related News Osun Election: 1.9m voters collect PVCs, 426,842 uncollected — INEC CBN reopens OMO to retail investor's for first time in 7yrs as election spending threatens inflation Osun's voter turnout has fallen in three straight years. Violence threatens a fourth
