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Agusto & Co. assigns a “Bbb” rating to Nova Merchant Bank Limited

RATINGS RELEASE

Agusto & Co. assigns a “Bbb” rating to Nova Merchant Bank Limited.

The rating expires on 30 June 2020.

The rating assigned to Nova Merchant Bank Limited (‘NovaMBL’ or ‘the Bank’) reflects its strong capitalisation ratios, acceptable asset quality and strong liquidity profile. The rating takes into cognisance the Bank’s limited financial track record, though it is led by an experienced management team. The subdued macroeconomic environment and its attendant impact on the banking industry is also a rating concern.

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.