Agusto & Co. affirms the ‘A’ rating assigned to Coronation MB Funding SPV Plc’s ₦25 billion Bond.

Rating Category: Bank bonds

Agusto & Co. affirms the ‘A’ rating assigned to Coronation MB Funding SPV Plc’s ₦25 billion Bond.

Rating Release

Agusto & Co. affirms the ‘A’ rating assigned to Coronation MB Funding SPV Plc’s (‘the Issuer’) ₦25 billion Five-Year Fixed Rate Series 1 Subordinated Unsecured Bond, with a stable outlook.

The rating expires on 30 June 2023.

Agusto & Co. hereby affirms the ‘A’ rating assigned to Coronation MB Funding SPV Plc’s (the Issuer) ₦25 billion 6.25% Five-Year Fixed Rate Series 1 Subordinated Unsecured Bond (‘the Issue’ or ‘the Bond’) due in 2025. The rating assigned to the Issue is a notch lower than the Sponsor’s standalone rating of ‘A+’ issued by Agusto & Co, given its subordinated status to other senior debt of the Bank. Coronation MB’s rating reflects its good asset quality and liquidity profile, adequate refinancing ability, acceptable capital position and experienced management team. The rating is however constrained by sub-par profitability ratios, loan book concentration and vulnerability to the prevailing regulatory and macroeconomic headwinds.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.
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