Agusto & Co. assigns an “Aa-” rating to Zenith Bank Plc
The rating expires on 30 September 2018.
The rating assigned to Zenith Bank Plc (‘Zenith Bank’ or ‘the Bank’) reflects its strategic position as the largest commercial bank in Nigeria based on total assets and contingents as well as loans and advances to customers. The Bank controls over 13% of total local currency deposits in the Nigerian banking industry as at 30 June 2017. The rating also takes into cognisance Zenith Bank’s good profitability, good funding profile, experienced management team and a conservative stance in risk management which keeps asset quality at acceptable level. The rating is however constrained by obligor and sectoral concentration in the loan book, high loan loss expense and lingering macroeconomic challenges in Nigeria.
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