Rating Release
Agusto & Co hereby affirms the ‘Bbb’ rating assigned to Fast Credit Limited with a stable outlook.
The rating expires on 30 June 2025.
Agusto & Co. hereby affirms the ‘Bbb’ rating assigned to Fast Credit Limited (“Fast Credit”, “FCL” or “the Company”). The rating reflects Fast Credit’s good profitability and satisfactory liquidity profile. The Company’s asset quality is also acceptable and supported by using the deduction at source model for loan repayment collections from its target market – Ministries, Departments and Agencies of the Federal Government of Nigeria and some State-owned agencies to a lesser extent. However, the rating is constrained by the FCL’s aggressive loan book growth in a period of adverse economic climate, reliance on expensive purchased funds, high vulnerability to volatile public finances and mismatch in funding.
