Rating Release 

Agusto & Co. hereby affirms the “Bbb” (long term) and “A2” (short term) ratings assigned to Fewchore Finance Company Limited (“Fewchore Finance”, “FFCL” or “the Company”) with a stable outlook. 

The rating expires on 30 June 2027 

Agusto & Co. hereby affirms the “Bbb” (long term) and “A2” (short term) ratings assigned to Fewchore Finance Company Limited (“Fewchore Finance”, “FFCL” or “the Company”). The ratings reflect FFCL’s acceptable asset quality reflected in its low non-performing loans (NPLs) to gross loans ratio relative to peers and upheld by well-structured transaction arrangements to ensure repayment, good liquidity profile and improved profitability metrics. However, the ratings are constrained by FFCL’s significant reliance on expensive wholesale funding, key man risk and insufficient capital buffers for significant business growth. We have also considered the impact of the elevated level of inflation and yields in the macro environment on the Company’s business.

Fewchore Finance is licensed by the Central Bank of Nigeria (CBN) to operate as a finance company. The Company offers a diverse range of credit products, including consumer loans, local trade finance, invoice discounting, working capital facilities and asset financing, to individuals and mid-sized businesses.