Rating Release
Agusto & Co. hereby affirms the “Bbb-” rating assigned to Abbey Mortgage Bank Plc with a stable outlook.
The rating expiration of 30 June 2025 has been extended to 20 September 2025
Agusto & Co. hereby affirms the “Bbb-” rating assigned to Abbey Mortgage Bank Plc (“Abbey MB” or “the Mortgage Bank”). The rating reflects Abbey MB’s improving mortgage assets portfolio quality and enhanced board composition. The rating is also upheld by the Mortgage Bank’s adequate capitalisation, low leverage, acceptable liquidity profile and experienced management team. However, the rating is constrained by excessive exposures to unrated financial institutions, reliance on expensive time deposits and significant concentration in the placement portfolio. We have also taken into cognisance Nigeria’s fragile economy and the attendant adverse impact on consumers and businesses.