Rating Release

Agusto & Co. affirms DBN’s Senior Unsecured Series I Bond rating of Aaa, with a stable outlook

 The rating expires on 18 April 2025.

 Agusto & Co. affirms the “Aaa” rating assigned to Development Bank of Nigeria Plc’s (“DBN” or ‘the Bank’ or “the Issuer”) ₦23 billion Series I Senior Unsecured Fixed Rate Bond (“the Issue” or “the Bond”). The Issue’s rating is hinged on the “Aaa” assigned to DBN which reflects the strong support of shareholders that provide long-term debt, sovereign guarantee, technical assistance, and governance support. The rating is also underpinned by the Issuer’s good profitability, good asset quality, strong capital base, and good liquidity position. However, the rating is constrained by the prevailing macroeconomic headwinds that have hindered the cash flow of small and medium businesses though cushioned by the wholesale focus of the Bank