By Tunde Oso

DataPro, the technology-driven credit rating agency (CRA) has, in its latest report assigned Flour Mills of Nigeria Plc long-term rating of “A” with a positive outlook for the year 2021/2022.

The “A” indicates low risk. It shows very good financial strength, operating performance and business profile when compared to the standard established by DataPro.

“This company, in our opinion, has a strong ability to meet its ongoing obligations,” the company said, in a statement.

The DataPro Rating Committee approved the rating after assessment of the company’s financial performance, corporate governance & risk management, regulatory environment and future outlook of its current healthy profile in the medium to long- term period.

”The rating of Flour Mills of Nigeria Plc is supported by its strong brand presence, experienced management team and diversified income sources.

Flour Mills of Nigeria Plc had a Short-Term Rating of “A1”, which indicates good credit quality and satisfactory capacity for timely payment of financial commitments,” it added.

DataPro notes that the rating carries a maximum shelf life of 12 calendar months, in line with international best practice. The rating is therefore not an offer to trade in securities nor a substitute for the user’s judgement. It is meant for reference purposes.