Agusto & Co. hereby assigns a “Bbb” rating to Fast Credit Limited

Rating Category: Finance & Leasing

Agusto & Co. hereby assigns a “Bbb” rating to Fast Credit Limited

Rating Release

Agusto & Co. hereby assigns a “Bbb” rating to Fast Credit Limited

The rating expires on 30 June 2023.

Agusto & Co. hereby assigns a “Bbb” rating to Fast Credit Limited (“Fast Credit”, “FCL” or “the Company”). The rating is supported by Fast Credit’s good profitability, adequate capitalisation, competent and experienced management team and granular payroll-deductible or cash-backed loan book. However, the rating is constrained by the concentration in the loan book to the public sector, aggressive loan book growth, concentration in funding, funding mismatch and reliance on expensive purchased funds. We have also considered the impact of the weak macroeconomic fundamentals on FCL’s business

Fast Credit provides salary-based micro-credit to private and public sector employees on cash-backed or payroll deductible basis. The Company also provides high-yield investment products to individuals and institutional investors. As at 31 December 2021, Fast Credit had total assets of ₦11.9 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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