Agusto & Co. assigns a ‘Bbb’ rating to Credit Direct Limited

Rating Category: Finance & Leasing

Agusto & Co. assigns a ‘Bbb’ rating to Credit Direct Limited

Rating Release

Agusto & Co. assigns a ‘Bbb’ rating to Credit Direct Limited

This rating expires 30 June 2022.

Agusto & Co. hereby assigns a “Bbb” rating to Credit Direct Limited (“Credit Direct” or “the Company”). Credit Direct’s rating is supported by good profitability, strong capitalisation, a competent and experienced management team and parental support from the FCMB banking group. The rating is, however, constrained by subpar asset quality, considerable exposure to public sector employees which makes the Company vulnerable to the finances of the government and concentration in funding. The present global and domestic economic challenges and the likely implications for the Company’s business have also been also taken into consideration.

Credit Direct is a wholly owned subsidiary of FCMB Group Plc, which is a diversified financial services group with more than ₦2 trillion in total assets as at 31 December 2020. The Company is licensed to operate as a finance company by the Central Bank of Nigeria (CBN). Credit Direct provides unsecured, short-term micro-loans primarily to public sector employees at the federal and state government levels.

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.

Finance & Leasing

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