Agusto & Co. assigns a ‘Bbb+’ rating to Coronation Registrars Limited (“CRL” or “the Company”). The rating assigned to CRL reflects the good liquidity and funding profile, good capitalisation and good track record of share registrar services. However, the increasing related party exposure and concentration in CRL’s placement and equity portfolios, which are also indicative of subpar investment risk management have constrained the rating. The negative impact and lingering effect of the COVID-19 pandemic on the financial and capital markets and Nigerian economy were also taken into cognisance.
Coronation Registrars Limited (formerly United Securities Limited) is a Securities & Exchange Commission (SEC) licensed share registrar and provider of data administration services that has been in operations for over 20 years. The Company is wholly owned by Marina Mars Principal Investments Limited (formerly Marina Securities Limited), which operates as an investment holding company.