Rating Release
Agusto & Co. affirms the ‘Bbb’ rating and a stable outlook assigned to Parthian Partners Limited
The rating expires on 30 June 2024.
Agusto & Co. hereby maintains the “Bbb” rating assigned to Parthian Partners Limited (“PPL” or “the Company”). The rating reflects PPL’s good profitability, acceptable asset quality, good shareholder support and competent management team. The rating also takes into cognisance the Company’s business model, which focuses primarily on government-linked structured finance and fixed income securities trading. The rating is, however, constrained by weakened capitalisation, insufficient liquidity management, higher leverage and the reliance on two transactions in the review period. Nigeria’s weak
macro environment and the apex bank’s heterodox policies in the management of government securities were also taken into cognisance.
