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Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation of Nigeria Plc (Transcorp) and owner of the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar, has retained its national scale ratings at A-(NG) and A2(NG) in the long term and short term respectively, with the outlook accorded Stable. rating Concurrently, the national scale ratings accorded to the following issuances were also affirmed:
•Series 1 N10billion Fixed Rate Bond: A-(NG), Stable Outlook
•Series 2 N9.8billion n Fixed Rate Bond: A-(NG), Stable Outlook
According to GCR, the rating reflects Transcorp Hotels ability to maintain its market position as a leading brand in Nigeria’s hospitality industry, supported by the major renovation and facilities upgrade at Transcorp Hilton Abuja (‘THA’) and the subsequent improvement in pricing and occupancy rate. The available support to Transcorp Hotels as a member of Transnational Corporation of Nigeria Plc (“Transcorp”), and the partnership with Hilton Worldwide Limited (“Hilton”) is considered a rating positive.
In the report released in August of 2019, it stated “Following the upgrade at THA and the accompanying repricing of the hotel facilities in FY18, revenue improved across all service lines, with rooms, food and beverages rising 26 per cent and 28 per cent respectively.
