Rating Release
Agusto & Co. affirms the ‘Bbb’ rating assigned to Coronation Merchant Bank Limited, with a stable outlook
The rating expires on 30 June 2025.
Agusto & Co. affirms the “Bbb” rating assigned to Coronation Merchant Bank Limited (‘Coronation MB’ or ‘the Bank’), underpinned by a sustained nil impaired loan position, improving profitability, strong shareholders’ support evidenced by the successful ₦8.4 billion capital raise exercise and acceptable liquidity position. However, offsetting the rating are the sectoral and obligor concentration in the loan book, high funding costs and persisting macroeconomic downturn. A ‘3’ ESG score has also been attached to the rating, denoting that environmental, social and governance issues have material contributions to the Bank’s credit risk profile.
