Rating Release
Agusto & Co. affirms the “Bbb+“ rating assigned to Greenwich Merchant Bank Limited, with a stable outlook.
The rating expires on 30 June 2025.
Agusto & Co. affirms the “Bbb+” rating assigned to Greenwich Merchant Bank Limited (“Greenwich MB” or “the Bank”) reflecting an improved liquidity profile, good capitalisation, strong shareholders’ support, nil non-performing loans and experienced management team. However, constraining the assigned rating is the sectorial and obligor concentration in the loan book, the limited operating history as a merchant bank and the prevailing macroeconomic headwinds. We have also attached a “3” ESG score to the rating, underpinned by our view that environmental, social and governance issues have a material contribution to the Bank’s credit risk.
