Moody's gives Bank of Industry notes B2

Moody's Investors Service said it assigned a B2 senior secured long-term foreign-currency rating to the planned senior note participation notes to be issued by BOI Finance BV., a special-purpose funding vehicle.

“The B2 senior secured rating assigned to BOI Finance BV's proposed senior note participation notes reflects Bank of Industry's B2 long-term corporate family rating (CFR) and the application of Moody's loss given default for speculative-grade companies rating methodology which considers the senior notes' position within the company's funding structure,” the agency said in a press release.

The proceeds will be used to fund the acquisition of a senior note issued by Bank of Industry. The obligations of Bank of Industry to make payment of principal and interest to BOI Finance are guaranteed by the Federal Republic of Nigeria.

The outlook is stable.

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