Rating Release

 Agusto & Co. hereby affirms the “Bbb-” rating assigned to Abbey Mortgage Bank Plc with a stable outlook

 The rating expires on 30 June 2024.

Agusto & Co. hereby affirms the ‘Bbb-’ rating assigned to Abbey Mortgage Bank Plc (“Abbey MB”, “AMB” or “the Mortgage Bank”). The rating reflects Abbey MB’s good capitalisation, satisfactory liquidity profile, experienced management team and low leverage. However, the rating is constrained by AMB’s high non-performing loan (NPL) ratio which continues to impair asset quality, low profitability, concentration in placements and significant exposures to unrated counterparties. We have also considered the challenging business environment that is characterised by weak purchasing power, and high inflation with adverse impact on households and businesses.

Abbey MB is licensed as a national primary mortgage bank by the Central Bank of Nigeria (CBN). The Mortgage Bank’s activities include the origination and servicing of residential mortgages and the provision of construction finance to real estate developers