Anchor Metals Capital

CFBANQUE Investment confirms the AAA rating assigned to Anchor Metals Capital (GRP0767.LG), an operator in the Metals & Steel sector based in Nigeria. This credit opinion reflects a superior credit quality, reflecting a very strong capacity to honour its financial obligations even under an adverse macroeconomic environment.

From a fundamental standpoint, the issuer posts an EBITDA margin of 54.7% which sits at the upper end of the sector range and evidences robust pricing power and exhibits a contained net leverage of 0.13x EBITDA, providing comfortable headroom to absorb capital expenditure and debt servicing. With revenues of $5.46B and a market capitalisation of $18.01B, Anchor Metals Capital commands a significant economic footprint within its domestic market.

Our proprietary models assign a Debt Capacity score of 966/1000, an Investment score of 650/1000 and an ESG & Governance score of 940/1000, reflecting a solid debt coverage, a measured investment potential and governance standards aligned with best market practice.

The Stable outlook indicates that our committee does not anticipate, in its central scenario, a revision of the rating over a 12 to 18 month horizon. This analysis stems from the combined review of our quantitative models and the qualitative judgement of the CFBANQUE Investment rating committee, and may be updated in line with the evolution of fundamentals or the regional macroeconomic environment.