Agusto & Co. hereby affirms the A-(IM) rating to Africa Plus Partners Nigeria Limited, with a stable outlook.
The rating expires on 14 July 2023
Agusto & Co. affirms the A-(IM) rating assigned to Africa Plus Partners Nigeria Limited (“APPNL” or “the Manager”). The rating is upheld by the Manager’s extensive deal screening and selection process with oversight from well-seasoned committee members and the Africa Finance Corporation (AFC). We also note APPNL’s growing operational track and good oversight of projects. However, the rating remains constrained by key man risk within the research and risk management functions. The rating also considers the weak macroeconomic environment and the high staff attrition rate currently being faced by the domestic asset management industry.