Agusto & Co. affirms the ‘A’ rating assigned to FBNQ MB Funding SPV Plc’s Series 1 ₦5 billion Bond, with a stable outlook

Rating Category: Bank bonds

Agusto & Co. affirms the ‘A’ rating assigned to FBNQ MB Funding SPV Plc’s Series 1 ₦5 billion Bond, with a stable outlook

Rating Release

Agusto & Co. affirms the ‘A’ rating assigned to FBNQ MB Funding SPV Plc’s Series 1 5 billion 3-year 10.5% Fixed Rate Senior Unsecured Bond (‘the Issue’ or ‘the Bond’), with a stable outlook

 The rating expires on 30 June 2023.

 Agusto & Co. hereby affirms the ‘A’ rating assigned to FBNQ MB Funding SPV Plc’s (‘the Issuer’) Series 1 ₦5 billion 3-year 10.5% Fixed Rate Senior Unsecured Bond (‘the Issue’ or ‘the Bond’) due in 2023. The Bond is guaranteed by FBNQuest Merchant Bank Limited (‘FBNQ MB’, ‘the Sponsor’ or ‘the Bank’) and mirrors the standalone rating of the Sponsor. FBNQ MB’s rating reflects its good capitalisation, satisfactory liquidity profile, experienced management team and good ability to refinance, upheld by the membership of FBN Holdings Plc. However, the rating is constrained by the weak profitability due to the CBN’s cash reserve policy, obligor concentration in the loan book and the fragile macroeconomic environment

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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