Rating Release

Agusto & Co. assigns a BBB(IM) rating to Iroko Capital Investment Management Limited.

The rating expires on 13 February 2023.

Agusto & Co. assigns a BBB(IM) rating to Iroko Capital Investment Management Limited (‘ICIML’ or ‘the Manager’). The rating reflects ICIML’s well composed and experienced Board of Directors, an established process for generating timely and good quality research output and clearly defined deal analysis process. However, the rating is impaired by the lean risk management team, ICIML’s limited experience in managing third party funds and inadequate segregation of duties across the internal audit and internal control functions. The rating also takes into consideration the weak macroeconomic environment which has the potential to heighten business and investment risk.