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Agusto & Co. assigns a ‘Bb’ rating to Providus Bank Plc

Rating Release

Agusto & Co. assigns a ‘Bb’ rating to Providus Bank Plc.

The rating expires on 30 June 2021.

The rating assigned to Providus Bank Plc (“ProvidusBank” or “the Bank”) reflects its growing brand franchise, acceptable shareholders’ support, low levels of impaired credits and an experienced management team. However, the rating is constrained by obligor concentration in the loan book, limited operating history as a commercial bank, legacy issues and the subdued economy elicited by the COVID-19 pandemic.

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.