Agusto & Co. assigns an “A” rating to FBNQuest Merchant Bank Limited
The rating expires on 30 June 2020.
Agusto & Co. hereby assigns a rating of “A” to FBNQuest Merchant Bank Limited (“FBNQ MB” or “the Bank”). The rating assigned is underpinned by a good liquidity profile, satisfactory asset quality within regulatory thresholds, adequate capitalisation for current business risks, as well as membership of the FBN Holdings Plc, driven by an experienced management team.
The rating assigned is however moderated by lingering macroeconomic challenges impacting key lending industries, sectorial concentrations in the Bank’s loan portfolio heightening vulnerabilities to credit risk crystallisation, as well as elevated operating expenses owing to changes to the organisation’s structure following the constitution of the FBN Quest Group.
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