Rating Release
Agusto & Co. hereby assigns ‘Bb-’ rating to AG Mortgage Plc
The rating expires on 30 June 2022
Agusto & Co. hereby assigns a ‘Bb-’ rating to AG Mortgage Bank Plc (“AGMB” or “the Mortgage Bank”). AGMB’s rating is supported by a satisfactory liquidity and funding profile and a competent and experienced management team. The rating is, however, constrained by weak asset quality, inadequate capitalisation, low profitability and subpar risk management practices in the areas of credit assessment, loan monitoring and remedial management. The global and domestic social and economic challenges and the expected impact on the Mortgage Bank’s business have also been taken into cognisance.
AGMB is one of the largest primary mortgage banks (PMBs) in Nigeria. The Mortgage Bank commenced operations in 2005 and is licensed as a national PMB by the Central Bank of Nigeria (CBN). AGMB focuses on providing mortgages and construction finance to individuals and property developers in Abuja, Lagos and Enugu.