Rating Release
Agusto & Co. affirms FSDH Merchant Bank Limited’s national rating of ‘A‘ and assigns a ‘B-’ foreign currency rating, with a stable outlook
The rating expires on 30 June 2024.
Agusto & Co. affirms FSDH Merchant Bank Limited’s (‘FSDH MB’ or ‘the Bank) ‘A’ national rating and ‘B-’ foreign currency rating. The ratings reflect the Bank’s good profitability relative to its peers, adequate capitalisation, good liquidity profile and experienced management team. However, constraining these positives are the concentration in the loan book and the fragile state of the Nigerian economy. FSDH MB’s FCY rating is reflective of the risk rating of the Federal Republic of Nigeria with a sovereign rating of ‘B-’ assigned by Agusto & Co. We have also affirmed the ‘2’ ESG score denoting that environmental, social and governance issues have minimal contributions to the Bank’s credit risk.