Rating Release
Agusto & Co. hereby upgrade Parallex Bank Limited’s (“Parallex Bank” or “the Bank”) rating to “Bb+, with a stable outlook.
The rating expires on 30 June 2025.
Agusto & Co. hereby upgrade Parallex Bank Limited’s (“Parallex Bank” or “the Bank”) rating to “Bb+”, reflecting a good liquidity profile, sectorial loan diversification, recoveries of a significant proportion of the impaired legacy loans, better profitability and experienced management team. However, the rating is constrained by the limited operating history as a regional commercial bank, shareholders’ funds at the brink of the minimum regulatory threshold and the prevailing macroeconomic downturn. We have also assigned a “3” ESG score as we believe social and governance issues have a significant impact on the Bank’s credit rating.