Agusto & Co. assigns an “A-” rating to FBN Merchant Bank Limited.
The Rating expires on 30 June 2017.
FBN Merchant Bank Limited’s (“FBN Merchant” or “the Bank”) rating is underpinned by the Bank’s good profitability, good liquidity profile, good capitalisation for current business risks, as well as an experienced management team. The rating assigned to FBN Merchant is constrained by the difficult operating environment which has elevated credit risks for all Nigerian banks. In particular, we note the contraction of the Nigerian economy which we expect to hamper the performance of banks industry-wide.
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