JUST IN: GCR affirms Sundry Foods’ credit rating

Foods services company, Sundry Foods Limited, has been assigned the national scale long-term and short-term issuer ratings of A-(NG) and A2 (NG), respectively by Global Credit Ratings with the outlook affirmed as positive.

SFL’s Head, Marketing, Nduka Mokwunye, said in a statement that the affirmation of the company’s national credit ratings by GCR was contained in the latest report of the credit rating agency.

“GCR has affirmed the national scale long-term and short-term issuer ratings of A-(NG) and A2(NG), respectively assigned to Sundry Foods Limited. Concurrently, GCR has affirmed the national scale long-term issue rating of A-(NG) accorded to Sundry Foods Funding SPV Plc’s N2.5bn Series 1 Bonds. The outlook on the rating has been revised to Positive,’’ the statement said quoting the GCR report.

Explaining the rationale behind its decision, GCR said that the company maintained competitive strengths, good earnings and sound gearing metrics in the year under review, even as it reiterated that the positive outlook reflects its opinion that SFL will sustain the strong earnings growth trajectory and maintain moderate gearing metrics amid its business expansion activities.

Commenting on the achievement, SFL’s Managing Director, Ebele Enunwa, said “This affirmation and improved outlook recognizes our consistent growth performance and strong balance sheet management.”

Over the years, we have continued to demonstrate leadership within our sector, with a rapid expansion strategy despite the unstable operating environment.”