Moody's Investors Service, ("Moody's") has downgraded Interswitch Limited's (Interswitch) corporate family rating (CFR) to B3 from B2. Moody's has also downgraded the senior unsecured medium-term note programme ratings of Interswitch Africa One Plc, a special purpose vehicle owned by
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Honeywell Nigeria Plc has been in the news lately over its indebtedness to First Bank Plc. The Central Bank issued a query to the bank last week asking that it recover the loans within 48 hours while also divesting from its equity interest in the company.
Honeywell in turn issued a press release claiming that its First Bank loans are being serviced and that it has paid down the loans by 30% over a two-year period.
“Honeywell Group has continued to meet all its obligations on its facilities with the Bank according to agreed terms and has reduced its exposure by nearly 30% in 2.5 years. The facilities were charged at market rates and the Bank continues to earn significant interest therefrom.”
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