February 4, 2022/GCR Ratings
GCR Ratings (“GCR”) has withdrawn Flour Mills of Nigeria Plc’s national scale long-term and short-term Issuer ratings of A-(NG) and A2(NG) respectively without review.
Concurrently, GCR has also withdrawn the long-term Issue rating accorded to each of Flour Mills of Nigeria Plc’s Series 2, and Series 3-4 (Tranches A and B) Senior Unsecured Bonds. The ratings have been withdrawn without review, as no additional analysis was performed. The withdrawal was due to business reasons. Accordingly, GCR will no longer provide ratings or analytical coverage on the Issuer. The ratings were last reviewed in October 2021.
A credit rating withdrawal does not imply that the entity is not servicing its debt obligations or that its financial position has deteriorated.
| Rated Entity / Issue | Rating class | Rating scale | Rating | Outlook / Watch |
| Flour Mills of Nigeria Plc | Long Term Issuer | National | WD(NG) | – |
| Short Term Issuer | WD(NG)) | |||
| N10bn Series 2 Bond | Long Term Issue | National | WD(NG) | – |
| N20bn Series 3 (Tranches A&B) Bond | Long Term Issue | National | WD(NG) | – |
| N29.89bn Series 4 (Tranches A&B) Bond | Long Term Issue | National | WD(NG) | – |
Salient Points of Accorded Ratings
GCR affirms that a.) no part of the rating 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 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 virtual management meetings, and other written correspondence.
