S&P rates Ecobank Nigeria notes B-

S&P said it assigned its B- long-term issue rating to the $300 million of senior unsecured loan participation notes due 2026 with a 7 1/8% coupon per year, issued by Ecobank Nigeria Ltd. via its financial vehicle, EBN Finance Co. BV.

“We rate ENG’s U.S. dollar-denominated senior unsecured LPNs at the same level as our long-term issuer credit rating on ENG. This is based on our conclusion that the LPNs meet all conditions regarding issuance by special-purpose vehicles (SPVs) set out in our group rating methodology,” S&P said in a press release.

Proceeds will be used to finance a loan to Ecobank.

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