Rating Release
Agusto & Co. hereby affirms the “Bbb-” rating assigned to FundQuest Financial Services Limited with a stable outlook
The rating expires on 30 June 2024.
Agusto & Co. hereby affirms the “Bbb-” rating assigned to FundQuest Financial Services Limited (“FundQuest” or “the Company”). The rating reflects FundQuest’s more established brand and growing market share in the finance company industry. The rating is also upheld by the Company’s good profitability and experienced management team. However, the rating is constrained by the sizeable concentration in FundQuest’s funding and loans, rising exposures to unrated counterparties in the placement portfolio and considerable asset-liability mismatch.
FundQuest is licensed as a finance company by the Central Bank of Nigeria (CBN) and provides financial services including business and consumer loans, trade finance facilities, asset financing and working capital loans to mid-sized businesses and individuals.
