Rating Release
Agusto & Co. hereby affirms the “Bbb” (long term) and “A2” (short term) ratings assigned to Afrinvest (West Africa) Limited with a stable outlook
The rating expires on 30 June 2026
Agusto & Co. hereby affirms the “Bbb” long term and “A2” short term ratings assigned to Afrinvest (West Africa) Limited (“AWAL” or “the Company”). The rating reflects AWAL and its subsidiaries’ (“Afrinvest Group” or “the Group”) good brand in the Nigerian financial services industry, which has supported the ability to drive business volumes across the operating entities. The rating is supported by the Group’s experienced management team, significant holdings of high-quality foreign currency fixed income instruments and good liquidity. However, the rating is constrained by Afrinvest Group’s high-cost-to-income ratio, weak capitalisation for the level of business risk undertaken and reliance on volatile trading income. We have also considered the Group’s ability to manage operating costs amid the persistent inflationary pressure.
The Group comprises a non-operating capital market holding company with six operating subsidiaries, which provide services including portfolio management, securities brokerage, financial advisory, trusteeship and consulting.
