Agusto & Co. hereby assigns a “Bbb-” rating to FundQuest Financial Services Limited

Rating Category: Finance & Leasing

Agusto & Co. hereby assigns a “Bbb-” rating to FundQuest Financial Services Limited

Rating Release

Agusto & Co. hereby assigns a “Bbb-” rating to FundQuest Financial Services Limited

The rating expires on 30 June 2023.

Agusto & Co. hereby assigns a “Bbb-” rating to FundQuest Financial Services Limited (“FundQuest” or “the Company”). The rating is supported by FundQuest’s good profitability, good capitalisation, low leverage, good liquidity and competent and experienced management team. However, the assigned rating is constrained by sectoral and obligor concentration in the loan book and concentration in funding. We have also considered the impact of the domestic security and economic challenges on the Company’s business.

FundQuest provides financial intermediation and business advisory services to clients both in the private and public sectors of the economy. The Company’s clientele includes retail and high net-worth individuals and small and medium enterprises (SMEs). As at 31 December 2021, FundQuest had total assets of ₦3.9 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.
Send via WhatsApp

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
FundQuest Financial Services Limited Bbb- Jun 30 , 2023 Stable Nigeria
Fast Credit Limited Bbb Jun 30 , 2023 Stable Nigeria
Citihomes Finance Company Limited SR3 Nov 24 , 2023 Stable Nigeria
Lukefield Finance Company Limited Bbb- Jun 30 , 2023 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2023 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
North South Power Company Limited A- Jun 30 , 2023 Stable Nigeria
African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria