Agusto & Co. assigns a ‘Bbb+’ rating to WSTC Financial Services Limited
The rating expires on 31 March 2022
Agusto & Co. hereby assigns a “Bbb+” rating to WSTC Financial Services Limited (“WSTC” or “the Company”). WSTC’s rating is supported by good asset quality, good capitalisation, an acceptable liquidity and funding profile and a competent and experienced management team. The rating is, however, constrained by low economies of scale and a risk framework that needs to be enhanced given the planned foray into corporate and retail loans. The global and domestic social and economic challenges and the expected impact on WSTC’s business are also taken into cognisance.
The Company, which was incorporated in 1990 and commenced operations in 1991, provides private banking services to high net-worth individuals (HNIs) and businesses promoted by HNIs. WSTC is licensed as a finance house by the Central Bank of Nigeria (CBN) and a fund/portfolio manager by the Securities & Exchange Commission (SEC).