Agusto & Co. hereby assigns “Bbb” (long term) and “A2” (short term) ratings to First Ally Capital Limited, with a stable outlook.

Rating Release 

Agusto & Co. hereby assigns “Bbb” (long term) and “A2” (short term) ratings to First Ally Capital Limited, with a stable outlook.

 The rating expires on 30 June 2026

Agusto & Co. hereby assigns “Bbb” (long term) and “A2” (short term) ratings to First Ally Capital Limited (“FACL”, or “the Group”). The ratings reflect FACL’s fast growing asset management franchise, significant holding of liquid and marketable assets, good capitalisation and leverage metrics and experienced management team. However, the ratings are constrained by the significant concentration and reliance on wholesale investors in the funding base, and significant exposures to a major commercial bank across multiple asset classes, including equity investment, fixed income and bank balances. We have also considered the macro headwinds and attendant challenges posed to FACL’s operations.

FACL is a diversified financial services group offering a broad range of solutions across investment banking, asset management, microfinance, real estate, and trust services. The Group consist of seven subsidiaries: First Ally Asset Management Limited, First Ally Investment and Securities Limited, First Ally Advisory Limited, First Ally Trust Microfinance Bank Limited, First Ally Trustees Limited, First Ally Properties Limited and Mines.io Nigeria Limited.