Rating Release
Agusto & Co. hereby affirms the “A-” long term and “A1” short term ratings assigned to Coronation Registrars Limited with a stable outlook
The rating expires on 30 June 2026
Agusto & Co. hereby affirms the “A-” long term and “A1” short term ratings of Coronation Registrars Limited (“CRL” or “the Company”). The ratings reflect CRL’s strong brand among securities registrars, serving over two million investors, including the shareholders of four of Nigeria’s largest companies by market capitalisation. The ratings also recognise the Company’s acceptable capitalisation and low leverage, competent management team, support from the Coronation Group Limited’s ecosystem partners and satisfactory funding profile. However, significant exposures to related parties and subdued profitability due to high costs constrain the ratings. We have also factored in the challenges of improving performance in a weak macroeconomic environment and the sensitivity of asset growth to clients’ dividend declarations and remittances.
