Rating Release
Agusto & Co. affirms the “Aaa“ rating assigned to Development Bank of Nigeria Plc, with a stable outlook.
The rating expires on 30 June 2026.
Agusto & Co. affirms the “Aaa” rating assigned to Development Bank of Nigeria Plc (“DBN” or “the Bank”). The rating is backed by the strong support and profile of the shareholders: Ministry of Finance Incorporated (MOFI), Nigeria Sovereign Investment Authority (NSIA) rated “Aaa” by Agusto & Co., African Development Bank (AfDB) rated “Aaa” by Fitch, and the European Investment Bank (EIB) rated “Aaa” by Fitch. The shareholders support the governance framework and provide capacity development for the target market (micro, small, and medium-sized enterprises (MSMEs) in Nigeria) and the participating financial institutions (PFIs). The rating also reflects DBN’s good asset quality, good capitalisation, strong refinancing capacity, good liquidity profile and experienced management team. However, the rating is constrained by Nigeria’s fragile macroeconomic environment, given that MSMEs are most vulnerable to macroeconomic downturn. A “2” ESG Score has also been attached to the rating, indicating that environmental, social and governance factors have minimal impact on the Bank’s credit assessment.
