Rating Release

Agusto & Co. hereby affirms Marathon Asset and Fund Management Limited’s “Bbb-” credit rating with a stable outlook. 

The rating expires on 30 June 2025.

Agusto & Co. affirms the ‘Bbb-’ rating assigned to Marathon Asset and Fund Management Limited (“Marathon”, “MAFM” or “the Company”). The rating reflects Marathon’s sizeable exposure to Federal Government of Nigeria (FGN) bonds, low leverage, adequate capitalisation, good liquidity profile and experienced management team. However, the rating is constrained by the low contribution of the core business to profits, concentration in funds under management and the absence of a dedicated risk management function. We have also considered the high interest rate environment and its impact on the asset management industry and MAFM.