Rating Release

Agusto & Co. assigns a ‘A-’ rating to FCMB Limited, with a stable outlook

The rating expires on 30 June 2026.

Agusto & Co. hereby assigns a “A-” rating to First City Monument Bank Limited (“FCMB” or “the Bank”) based on its strong market position, good liquidity, strong refinancing capacity (in both the domestic and international capital markets) and the membership of the FCMB Group with tentacles in asset management, banking and capital market operations and its experienced management team. However, offsetting these positive rating factors are obligor and sectoral concentrations in the loan book, a high level of impaired loans, elevated funding costs and the challenging macroeconomic environment. We have also attached a “2” ESG score, reflecting our view that environmental, social, and governance issues have a minimal impact on the Bank’s rating.