GCR Places Dufil Prima Foods’ Credit Ratings on “Review Extension”

GCR Dufil Prima Foods

GCR Ratings (GCR) has placed Dufil Prima Foods Plc’s long-term and short-term national scale Issuer ratings of A-(NG) / A2(NG) respectively on ‘Review Extension’. Concurrently, the national scale long term Issue rating of A-(NG) accorded to the N10bn Series 1 bond has also been placed on ‘Review Extension’.

The rating process is ongoing and GCR expects to publicly release the updated rating result on or before 31 July 2021. The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

GCR Dufil Prima Foods

Ratings History – Dufil Prima Foods Plc

Rating class Review Rating scale Rating Outlook/Watch Date
Long Term Issuer Initial National A-(NG) Stable Outlook June 2016
Short Term Issuer Initial A2(NG)
N10bn Series1 Bond LT Issue Initial National A-(NG) Positive October 2017
Long Term Issuer Last National A-(NG) Stable Outlook August 2020
Short Term Issuer Last A2(NG)
N10bn Series1 Bond LT Issue Last A-(NG)



GCR affirms that

  • no part of the ratings process was influenced by any other business activities of the credit rating agency;
  • the rating was based solely on the merits of the rated entity, security or financial instrument being rated; and
  • such rating was an independent evaluation of the risks and merits of the rated entity, security or financial instrument.
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The credit rating has been disclosed to the rated entity. The rating above 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 teleconferences and other written correspondence.