Rating Release

Agusto & Co. affirms the “A-” (long term) and “A1” (short term) ratings assigned to First City Monument Bank Limited (“FCMB” or “the Bank”), with a stable outlook 

The ratings expire on 30 June 2027. 

Agusto & Co. affirms the “A-” (long term) and “A1” (short term) ratings assigned to First City Monument Bank Limited (“FCMB” or “the Bank”) based on good capitalisation, good liquidity profile and improved profitability. The experienced management team and membership of FCMB Group Plc (“FCMB Group” or “the Group”), with subsidiaries in investment management, commercial banking and consumer finance, supported the ratings. However, the ratings were constrained by the heightened credit risk in the Bank’s books following the termination of the regulatory forbearance on select loans, as well as concentration in the loan book and deposit base. We have also attached a “3” ESG score reflecting our view that environmental, social, and governance issues have a material impact on the Bank’s ratings.