Agusto & Co. assigns a “Bbb-” rating to GTL Trustees Limited
The rating expires on 30 June 2020.
The rating of GTL Trustees Limited (“GTL Trustees” or “the Trustee”) is underpinned by good capitalisation, good liquidity profile, satisfactory profitability and adequate track record of trusteeship services. However, the rating is constrained by GTL Trustees’ subpar risk management practices. We have also considered Nigeria’s weak economy and the attendant impact on bond issuances.
GTL Trustees is licensed by the Securities and Exchange Commission (SEC) to provide trusteeship and fund/portfolio management services. The Trustee provides services to the Federal Government, corporate, municipal and individual customers through a variety of products such as the Education Investment Plan, Pastors & Ministers Retirement Plan and sinking fund management for bonds issued by sub-national governments. GTL Trustees also drafts wills and acts as trustees/executors to several private trusts and wills.
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.