Rating Release

Agusto & Co. assigns a ‘Bbb+’ rating and a stable outlook to UTL Trust Management Services Limited

The rating expires on 30 June 2025.

Agusto & Co. hereby assigns a “Bbb+” rating to UTL Trust Management Services Limited (“UTL”, “the Company”). The rating assigned reflects the Company’s good brand equity, with more than half a century history of operating in Nigeria. The rating is also supported by UTL’s good profitability, no leverage, satisfactory asset quality profile, adequate capitalisation and a stable and experienced senior management team. However, we believe that, given the Company’s size, there should be board committees to support oversight. We have also considered the impact of Nigeria’s weak economy and the effect on the businesses of trustees.