Rating Release

Agusto & Co. affirms the ‘Bbb-’ rating assigned to NOVAMBL Investments SPV Plc’s ₦10 billion 12% 7-year Fixed Rate Series 1 Subordinated Unsecured Bond, with a stable outlook 

The rating expires on 20 May 2027. 

Agusto & Co. affirms the “Bbb-” rating assigned to NOVAMBL Investments SPV Plc’s (‘the Issuer’) ₦10 billion 12% 7-year Fixed Rate Series 1 Subordinated Unsecured Bond (‘the Issue’ or ‘the Bond’) due in 2027. The Bond is guaranteed by Nova Bank Limited (‘Nova Bank’ or ‘the Sponsor’ or ‘the Bank’), albeit subordinated to other senior debt obligations. Thus, the Bond’s assigned rating is a notch lower than the Sponsor’s ‘Bbb’ rating issued by Agusto & Co. Nova Bank’s rating is supported by a good liquidity profile and strong capitalisation but constrained by a high volume of delinquent loans, weak profitability, and high turnover at the senior and executive management level.