Rating Release
Agusto & Co. assigns a “Bbb” rating and an ESG score of 2 to Jaiz Bank Plc, attaches a stable outlook.
The rating expires on 30 June 2024.
Agusto & Co. hereby affirms the ‘Bbb’ rating assigned to Jaiz Bank Plc (‘Jaiz Bank’ or ‘the Bank’) reflecting a good liquidity profile, improving profitability, good capitalisation and growing footprint across Nigeria. However, offsetting these positives are the high level of impaired financing contracts, the adverse impact of the ongoing macroeconomic reforms and the limited availability of Shari’ah-compliant investment securities in Nigeria. A ‘2’ ESG score has also been attached to the rating, reflecting our view that environmental, social and governance issues have minimal impact on the Bank’s credit risk.