Rating Release

 Agusto & Co. hereby maintains the “Bbb+” rating assigned to Coronation Registrars Limited with a stable outlook.

 The rating expires on 30 June 2024.

Agusto & Co. hereby maintains the “Bbb+” rating assigned to Coronation Registrars Limited (“CRL” or “the Company”). The rating is supported by CRL’s strong business volumes from Access Holdings Plc and the Coronation Group, large market share in the securities registrar industry, good profitability, low leverage and good liquidity. However, the rating is constrained by the Company’s heavy reliance on unclaimed dividends, significant concentration to related parties in the investment portfolio and sizeable exposure to an unrated entity. We have also considered the impact of the adverse macroeconomic climate on the performance of CRL’s clients and the securities registrar businesses.

The Company is a firm licensed by the Securities and Exchange Commission (SEC) to provide securities register and data administration services to quoted and unquoted companies. CRL is one of the largest registrars in Nigeria, controlling 37.5% market share of companies listed on the premium board of the Nigerian Exchange (NGX) in 2022.