Rating Release
Agusto & Co. hereby assigns an “A-” rating to Coronation Group Limited with a stable outlook
The rating expires on 30 June 2025
Agusto & Co. hereby assigns an “A-” rating to Coronation Group Limited (“CGL” or “the Company”). The rating reflects CGL and its subsidiaries’ (“Coronation Group” or “the Group”) improved market share in the Nigerian financial services sector following the restructuring as a capital market holding group. The assigned rating is upheld by the Group’s good profitability, diversified revenue streams, experienced board and management team, sufficient capitalisation and good funding sources with an ability to refinance maturing obligations from the money and debt capital markets. Nonetheless, the rating is constrained by Coronation Group’s considerable concentration to related parties in the investment portfolio and the significant concentration in the ultimate shareholding structure.
The Group aims to become a Pan-African technology-driven diversified financial services group providing transformational solutions to Africa’s challenges. Coronation Group operates as a diversified financial services group offering securities register, portfolio management, financial advisory, securities brokerage, trusteeship, alternative investment, venture building and financial technology services.
