Rating Release

Agusto & Co. hereby downgrades the long-term rating assigned to AG Mortgage Bank Plc to a “Bb”. 

The rating expires on 30 June 2026. 

Agusto & Co. hereby downgrades AG Mortgage Bank Plc’s (“AGMB” or “the Mortgage Bank”) long term rating to a “Bb” due to low profitability metrics and persistently weak asset quality. The rating is also constrained by AGMB’s exposure to repricing risks, stemming from a significant long-term funding gap in a high interest rate environment. We have also considered the adverse impact of elevated interest and inflation rates on mortgage loan affordability in Nigeria. Nevertheless, the rating reflects the Mortgage Bank’s good capitalisation, experienced management team, and an established track record of over 20 years in the Nigerian mortgage banking industry, as well as ongoing support from a prominent faith-based organisation in Nigeria.