Niger Zambia Healthcare Petroleum

CFBANQUE Investment confirms the A rating assigned to Niger Zambia Healthcare Petroleum (PRP2220.LZ), an operator in the Healthcare sector based in Zambia. This credit opinion reflects an investment-grade credit profile, with a satisfactory capacity to service its debt and absorb moderate sectoral shocks.

From a fundamental standpoint, the issuer posts an EBITDA margin of 13.7% below comparable peers, which warrants closer monitoring of the cost structure and exhibits a contained net leverage of 1.30x EBITDA, providing comfortable headroom to absorb capital expenditure and debt servicing. With revenues of $3.97B and a market capitalisation of $17.94B, Niger Zambia Healthcare Petroleum commands a significant economic footprint within its domestic market.

Our proprietary models assign a Debt Capacity score of 604/1000, an Investment score of 541/1000 and an ESG & Governance score of 410/1000, reflecting an acceptable debt coverage, a measured investment potential and governance workstreams that need to be deepened.

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.