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Agusto & Co. hereby assigns a “Bb” rating to SunTrust Bank Nigeria Limited

Rating Release

Agusto & Co. hereby assigns a “Bb” rating to SunTrust Bank Nigeria Limited

The rating expires on 30 June 2020.

The rating assigned to SunTrust Bank Nigeria Limited (‘SunTrust’ or ‘the Bank’) is underpinned by acceptable liquidity and strong shareholders’ support. The rating is however constrained by weak profitability, high impaired credits, concentration in the loan book, high funding costs and low market share. We note positively, various initiatives introduced by the new management team to reposition the Bank as an emerging commercial bank on a growth trajectory.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.