Agusto & Co. assigns a ‘Bbb+’ rating to WSTC Financial Services Limited

Agusto & Co. assigns a ‘Bbb+’ rating to WSTC Financial Services Limited

Rating Release

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).

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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C&I Leasing Plc ₦7 billion 5-year Series I Bond A- Jun 11 , 2022 Stable Nigeria
C&I Leasing Plc Bbb- Jun 30 , 2022 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria

Corporates

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Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 Plc’s Series 1 Bond A- May 31 , 2022 Stable Nigeria
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria