Rating Release

Agusto & Co. affirms the ‘Bb’ (long term) and ‘B’ (short term) ratings assigned to SunTrust Bank, with a stable outlook 

The rating expires on 30 June 2027. 

Agusto & Co. affirms the ‘Bb’ (long term) and ‘B’ (short term) ratings assigned to SunTrust Bank Nigeria Limited’s (‘SunTrust Bank’ or ‘the Bank’) on the back of good shareholders’ support as reflected in the ₦28.7 billion capital injection and good liquidity position. However, these ratings are constrained by the Bank’s weak asset quality and profitability, high funding costs relative to the industry standards and concentration by deposit sources and obligor base. We have also assigned a ‘3’ ESG score to the ratings, which denotes that environmental, social and governance issues have a material impact on the Bank’s credit risk profile.