Agusto & Co. hereby assigns a ‘Bbb’ rating to Coronation Securities Limited

Rating Category: Securities & Investment Firms

Agusto & Co. hereby assigns a ‘Bbb’ rating to Coronation Securities Limited

Rating Release

Agusto & Co. hereby assigns a ‘Bbb’ rating to Coronation Securities Limited

The rating expires on 30 June 2023.

Agusto & Co. hereby assigns a ‘Bbb’ rating to Coronation Securities Limited (‘COSEC’ or ‘the Company’). The rating reflects COSEC’s good capitalisation, low leverage, good liquidity profile and strong support from related companies in the Coronation Group. However, the rating is constrained by significant exposure to a single counterparty, the absence of a functional risk management unit, sizeable exposure to a startup oil & gas firm which we are unable to ascertain the credit quality, and low contribution of core business activities to profitability. We have also considered the impact of challenges in the macro environment on the Company’s business.

COSEC is licensed by the Securities Exchange Commission (SEC) and Nigerian Exchange Limited as a broker/dealer. The Company provides securities trading services to high net-worth individuals, institutional investors and retail clients. As at 31 December 2021, COSEC’s total assets stood at ₦3.6 billion.

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.
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Finance & Leasing

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UAC of Nigeria PLC A- Jun 30 , 2024 Stable Nigeria
Sundry Foods Limited A- Jun 30 , 2024 Stable Nigeria
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Corporate Bonds

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Geregu Power Plc’s ₦40.085 Billion 7-Year 14.5% Senior Unsecured Fixed Rate Bond Bbb+ Jul 28 , 2024 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦8.5 Billion 15-Year 15.6% Guaranteed Fixed Rate Senior Green Infrastructure Bond A- Apr 15 , 2024 Stable Nigeria
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Axxela Funding 1 Plc's up to ₦15 Billion Ten-Year Series 1 Bond A- Nov 30 , 2024 Stable Nigeria
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