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Agusto & Co. assigns a “B-” rating and stable outlook to Keystone Bank Limited

Rating Release

Agusto & Co. assigns a “B-” rating and stable outlook to Keystone Bank Limited
The rating expires on 30 June 2021.

The rating assigned to Keystone Bank Limited (‘Keystone Bank’ or ‘the Bank’) reflects the Bank’s strong retail franchise, particularly in Northern Nigeria and the resultant marked improvement in the deposit mix. The rating is also supported by an experienced management team, who are expected to successfully complete the current restructuring exercise.

However, constraining the rating is Keystone Bank’s weak capitalisation, a high impaired loan ratio and subpar profitability. Heightened economic risks elicited by the COVID-19 pandemic also constrains the rating.

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.