Rating Release 

Agusto & Co. downgrades FBNQ MB Funding SPV Plc’s rating to ‘Bbb+’, with a stable outlook 

The rating expires on 30 June 2025. 

Agusto & Co. hereby downgrades the rating assigned to FBNQ MB Funding SPV Plc’s (“the Issuer”) Series 2 ₦8 billion 10-year Unsecured Bond (“the Issue” or “the Bond” or “the Sponsor”) to ‘’Bbb+’’ in line with the downward review of the Sponsor’s rating. Given the subordinated nature, the Issue’s rating is a notch lower than the current ‘A-’ rating assigned to the Sponsor by Agusto & Co., which expires on 30 June 2025. The Issuer is a Special Purpose Vehicle (SPV) set up by FBNQuest Merchant Bank Limited (“the Bank”, “FBNQuest MB” or “the Sponsor”) for the issuance of debt securities. The downgrade is due to the Bank’s uncertain capital raising plan, the significant dip in the loan loss provisioning and the low profitability (notwithstanding the relative improvement during the year under review). However, the rating is supported by adequate liquidity and moderate capitalisation levels for the current business risks.