Rating Release

Agusto & Co. affirms the “A” (long term ) and “A1” (short term) national scale ratings assigned to FSDH Merchant Bank Limited (“FSDH MB” or “the Bank”) and upgrades the foreign currency (FCY) rating to “B“, with a stable outlook

The ratings expire on 30 June 2027.

Agusto & Co. affirms the “A” (long term), “A1” (short term) national scale ratings assigned to FSDH Merchant Bank Limited (“FSDH MB” or “the Bank”), reflecting good profitability, good capitalisation and good liquidity profile. The Bank’s membership of FSDH Holding Company Limited (“the HoldCo”), a financial services group with interests in asset management and investment banking, was also considered in the assigned ratings. However, the ratings are constrained by concentration in the loan book and deposit base. We have upgraded FSDH MB’s FCY rating to “B”, reflecting the improved sovereign credit risk profile of the Federal Republic of Nigeria. A ‘2’ ESG score has also been attached to the ratings, reflecting our view that environmental, social and governance issues have minimal contributions to the Bank’s credit risk profile.