Rating Release

Agusto & Co. hereby upgrades the rating assigned to Coronation Registrars Limited to “A-” with a stable outlook. 

The rating expires on 30 June 2025. 

Agusto & Co. hereby upgrades the rating assigned to Coronation Registrars Limited (“CRL” or “the Company”) to “A-”. The upgrade is supported by the improvement in CRL’s corporate governance structure with the appointment of additional independent directors, which enhances the level of objectivity and diversity in the decision-making process. The rating is also upheld by the Company’s strong support from Access Holdings Plc and Coronation Group Limited, considerable market share in the securities registrar industry, good profitability and acceptable capitalisation. However, the rating is constrained by CRL’s significant concentration to related parties in the investment portfolio and reliance on unclaimed dividends. We have also considered the impact of the adverse macroeconomic climate on the cost of operations and performance of the Company’s clients and the registrar business.

CRL is licensed by the Securities and Exchange Commission to provide securities register and data administration services to quoted and unquoted entities. The Company is one of the largest registrars in Nigeria, controlling 37.5% market share of companies listed on the premium board of the Nigerian Exchange in 2023.