Agusto & Co. hereby assigns ‘A-’ rating to NPF Microfinance Bank Plc.

Rating Category: Microfinance Banks

Agusto & Co. hereby assigns ‘A-’ rating to NPF Microfinance Bank Plc.

Rating Release 

Agusto & Co. hereby assigns ‘A-’ rating to NPF Microfinance Bank Plc.

The rating expires 30 June 2023

Agusto & Co. hereby assigns an ‘A-’ rating to NPF Microfinance Bank Plc (“NPF MFB” or “the MFB”). The rating is supported by NPF MFB’s good asset quality, adequate capitalisation, good funding and liquidity profile and competent and experienced management team. The rating is further supported by the MFB’s dominant position in the microfinance industry, good parental support and strong relationship with the Nigerian Police Force community. The rating is, however, constrained by deficiencies in the risk management process, a high degree of concentration to the public sector and an elevated cost profile.

NPF Microfinance Bank Plc (“NPF MFB” or “the MFB”) was incorporated as a private limited liability company in 1993 and commenced operations as a community bank after obtaining a provisional licence from the Central Bank of Nigeria (CBN). NPF MFB was registered as a public limited liability company in 2006 and acquired a national microfinance bank licence from CBN in 2007. The MFB subsequently had its shares listed on the Nigerian Exchange (NGX) in 2010.

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
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