Rating Release
Agusto & Co. assigns a ‘Bbb-’ rating and a stable outlook to Living Trust Mortgage Bank Plc.
The rating expires on 30 June 2024.
Agusto & Co. hereby assigns a “Bbb-” rating to Living Trust Mortgage Bank Plc (“Living Trust”, “LTMB” or “the Mortgage Bank”). The rating reflects Living Trust’s good capitalisation, acceptable asset quality, good profitability and experienced management team. However, the rating is constrained by the Mortgage Bank’s reliance on expensive time deposits, low contribution of mortgages assets to loan portfolio and weak liquidity profile in the period under review. We have also taken Nigeria’s fragile macro environment and the attendant adverse impact on households and businesses into cognisance.