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 2026.
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 Due 2028 (“the Issue” or “the Bond”). The rating reflects a high capacity to meet all obligations associated with the Bond, relative to all other issues in Nigeria. This mirrors the “Aaa” rating assigned to DBN on the back of strong shareholders’ support, good profitability, good asset quality, good capital adequacy and good liquidity position. However, the rating is constrained by the prevailing macroeconomic headwinds that have adversely impacted some small and medium-sized businesses and some participating financial institutions (PFIs).
