DataPro® Reaffirms Total Nigeria’s ‘A-‘ Rating
DataPro®, a leading national Credit Rating Agency (CRA) recognized and approved by the Securities & Exchange Commission (SEC), last week reaffirmed its long-term rating of A- on Total Nigeria Plc with a stable outlook for the year 2020/2021.
This indicates Low Risk and shows very good financial strength, operating performance, and business profile when compared to the established standard, according to a statement by Abimbola Adeseyoju, Managing Director/CEO of DataPro.
“This company, in our opinion, has the strong ability to meet its ongoing obligations,” he noted, stressing that its committee approved the rating after assessment of the Company’s financial performance, earnings profile, liquidity, corporate governance and risk management, risk factors and outlook of its current healthy profile in the medium to long-term period.
The Rating of Total Nigeria Plc, the statement continued, “is supported by its strong brand presence, expansive distribution network, experienced management team, very strong asset utilization and strong support from its parent company.”
Total Nigeria Plc subsequently got a short-term rating of A2, which carries a shelf life, an indication of fair credit quality and adequate capacity for timely payment of financial commitments.