Agusto and Co. affirms the “BBB+(IM)” rating assigned to First Ally Asset Management Limited (‘FAAM’ or the ‘Manager’).
The rating expires on 9 July 2022.
The rating reflects the strength of the Manager’s Board of Directors, adequately experienced and qualified decision-making committees with multi-layered approvals and good research capabilities. However, the rating is constrained by FAAM’s considerably leaner operating structure in the review period with the exit of key personnel across strategic functions. The rating also takes into consideration the impact of the weak macroeconomic environment and its potential to heighten business and investment risks as well as the challenges associated with recruiting (and retaining) talent, typical of the asset management industry in Nigeria.