Agusto & Co. assigns a ‘Bbb’ rating to Greenwich Merchant Bank Limited, with a stable outlook.
The rating expires on 30 June 2023.
Agusto & Co. hereby assigns a “Bbb” credit rating and a “3” for the Environmental, Social and Governance (ESG) rating to Greenwich Merchant Bank Limited (“Greenwich MB” or “the Bank”). The ratings reflect the Bank’s good capitalisation, good liquidity profile, and satisfactory asset quality. The ratings also reflect Greenwich MB’s experienced management team and strong shareholder support evidenced by a capital raise of ₦14.9 billion in the prior year.
However, constraining the assigned ratings are the sectorial and obligor concentration in the loan book; the prevailing macroeconomic and regulatory headwinds; and its limited operating history as a merchant bank. Environmental, Social and Governance issues are adjudged to have a material contribution to the credit risk of Greenwich Merchant Bank Limited.