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Agusto & Co. affirms the ‘Bbb’ rating assigned to Nova Merchant Bank Limited

Rating Release

Agusto & Co. affirms the ‘Bbb’ rating assigned to Nova Merchant Bank Limited.

The rating expires on 30 June 2021.

The rating assigned to Nova Merchant Bank Limited (‘Nova MBL’ or ‘the Bank’) reflects its nil impaired credit position despite ramping up the loan book, strong liquidity position, experienced management team and a risk management framework that has been resilient since the Bank commenced operations in 2017. However, the rating is constrained by low profitability, limited operating history and disruptions to the global economy resulting from the COVID-19 pandemic and particularly the crash in the price of crude oil – Nigeria’s largest export.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.