GCR Places TAK Logistics Limited’s Ratings On “Review Extension”

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GCR Ratings (GCR) has placed TAK Logistics Limited’s long-term and short-term national scale Issuer ratings of BBB(NG) / A3(NG) respectively on ‘Review Extension’.

Concurrently, the national scale long-term Issue rating of BBB+(NG) accorded to TAK Agro Infrastructure Plc’s N15bn Series 1 Fixed Rate Bond has also been placed on ‘Review Extension’.

The ratings process is ongoing and GCR expects to publicly release the updated rating result on or before 30 September 2021. The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

Ratings History – TAK Logistics Limited

Long Term IssuerInitialNationalBBB(NG)Stable OutlookJuly 2019
Short Term IssuerInitialA3(NG)
N15bn Series1 Fixed Rate BondInitialNationalBBB+(NG)Stable OutlookDecember 2019
Long Term IssuerLastNationalBBB(NG)Stable OutlookDecember 2020
Short Term IssuerLastA3(NG)
N15bn Series1 Fixed Rate BondLastBBB+(NG)

SALIENT POINTS OF ACCORDED RATING

GCR affirms that a.) no part of the ratings 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.

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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.

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