Rating Release

Agusto & Co. hereby upgrades First Ally Capital Limited’s (“FACL” or “the Company”) ratings to “Bbb+” (long term) and “A2” (short term) with a stable outlook.

The rating expires on 30 June 2027

Agusto & Co. hereby upgrades First Ally Capital Limited’s (“FACL” or “the Company”) ratings to “Bbb+” (long term) and “A2” (short term). The upgrade reflects FACL and its subsidiaries’ (“First Ally Group” or “the Group”) improved business profile, supported by its fast-growing asset management franchise that provides a stable source of fee-based earnings and access to a diverse investor base in the funding profile. The ratings are also underpinned by the Group’s good capitalisation and low leverage metrics, and experienced management team. However, the ratings are constrained by the elevated delinquency ratio in the loan portfolio, the sizeable contribution of fair value gains to earnings, which causes volatility in the profitability metrics, and the concentration in the ownership structure. We have also considered the impact of the challenging operating environment, characterised by elevated inflation and interest rates, and weak consumer purchasing power, on the Group’s operations.

First Ally Group provides bespoke financial solutions across investment banking, financial advisory, asset management, microfinance banking, real estate, trusteeship, and digital lending services to individuals, high-net-worth individuals (HNIs), small and medium-sized enterprises (SMEs), and institutional investors..