Rating Release

Agusto & Co. affirms the “A” rating assigned to Fidelity Bank Plc’s ₦41.2 billion 10-year Subordinated Unsecured Fixed Rate Series 1 Bond, with a stable outlook. 

The rating expires on 7 January 2027. 

Agusto & Co. affirms the “A” rating assigned to Fidelity Bank Plc’s (‘Fidelity Bank’ or ‘the Bank’ or ‘the Issuer’) ₦41.2 billion 10-year Subordinated Unsecured Fixed Rate Series 1 Bond (‘the Issue’ or ‘the Bond’) due in 2031. The rating is a notch lower than Fidelity Bank’s “A+” rating issued by Agusto & Co., given the Bond’s subordinated profile to the Bank’s senior debt. The Issuer’s rating reflects an expanding brand franchise, good profitability, good liquidity and adequate capitalisation. However, the rating is constrained by obligor and sectoral concentration in the loan portfolio, as well as single obligor limit breaches.