Rating Release 

Agusto & Co. affirms the “Aaa” rating assigned to Development Bank of Nigeria Plc’s Series I ₦23 billion 5-year Senior Unsecured Fixed Rate Bond, with a “stable” outlook. 

The rating expires on 18 April 2027

Agusto & Co. affirms the “Aaa” rating assigned to Development Bank of Nigeria Plc’s (“DBN” or “the Bank” or “the Issuer”) ₦23 billion 5-year Series I Senior Unsecured Fixed Rate Bond Due 2028 (“the Issue” or “the Bond”). The rating reflects the highest capacity to meet all bond obligations, relative to other issues in Nigeria and ranks pari passu with all other senior unsecured obligations of DBN. Thus, the Issue rating mirrors the “Aaa” rating assigned by Agusto & Co. to the Bank. Upholding the rating are the strong shareholders’ support, good profitability, good asset quality, good capitalisation and good liquidity position. However, the rating is constrained by the prevailing macroeconomic headwinds that have adversely impacted the micro, small and medium-sized business segment (MSMEs) and some participating financial institutions (PFIs).