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.