Agusto & Co. hereby affirms the A-(IM) rating to Africa Plus Partners Nigeria Limited

Rating Category: Investment Managers

Agusto & Co. hereby affirms the A-(IM) rating to Africa Plus Partners Nigeria Limited

Rating Release

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.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.
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