Agusto & Co. Affirms the ‘A’ Rating Assigned To Coronation MB Funding SPV Plc’s Bond

Agusto & Co. Affirms the ‘A’ Rating Assigned To Coronation MB Funding SPV Plc’s 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 2022.

Agusto & Co. hereby 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 (‘the Issue’ or ‘the Bond’) due in 2025. The Bond is guaranteed by Coronation Merchant Bank Limited (‘Coronation MB’, ‘the Sponsor’ or ‘the Bank’). The rating assigned to the Issue is a notch lower than the Sponsor’s standalone rating of ‘A+’ by Agusto & Co, given its subordinated status. Coronation MB’s rating reflects its good capitalisation, good liquidity profile, good asset quality and the experienced management team. However, the rating is constrained by the weak economic recovery following the easing of COVID-19 restrictions as well as concentration in its loan and deposit portfolios.

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.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited review in progress Aug 31 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria