Rating Release

Agusto & Co. hereby assigns a “Bbb-” rating to Afrinvest Group with a stable outlook

The rating expires on 30 June 2024.

Agusto & Co. hereby assigns a “Bbb-” rating to Afrinvest Group (“the Group”). The rating reflects the Group’s leading position in asset management and securities brokerage in the country. The rating is also upheld by an experienced board of directors and management team. However, the rating is constrained by the Group’s sizeable exposures to unrated and speculative counterparties in its investment portfolio, subpar profitability relative to peers and concentration in clients’ managed funds. We have also considered the effect of the weak macroeconomic climate on consumers and businesses

Afrinvest Group is a financial services group that provides services including asset management, securities brokerage, investment banking and trusteeship. As at 31 December 2022, the Group’s total assets stood at ₦27.9 billion.