Rating Release

Agusto & Co. assigns “Aa+” (long term) and “A1+” (short term) ratings to Zenith Bank Plc (“Zenith Bank” or “the Group”), with a stable outlook  

The ratings expire on 30 June 2027. 

Agusto & Co. assigns “Aa+” (long term) and “A1+” (short term) ratings to Zenith Bank Plc (“Zenith Bank” or “the Group”). The ratings reflect the Group’s position as Nigeria’s second-largest banking group with a growing franchise across Africa and global financial hubs, good capitalisation and strong ability to refinance in both domestic and international debt markets. The Group’s good profitability and strong liquidity profile were also rating positives. The increased contribution of the international subsidiaries, which reduces the Group’s exposure to Nigeria’s sovereign risk, was also considered. However, the ratings are constrained by concentration in the loan book and significant write offs of impaired credits. We have also assigned a “2” ESG score, reflecting our view that environmental, social and governance issues have a minimal impact on the Group’s ratings.