Rating Release
Agusto & Co. hereby maintains the ‘Bbb’ rating assigned to DLM Capital Group Limited with a stable outlook.
The rating expires on 30 June 2025
DLM Capital Group Limited – Securities Firms
Agusto & Co. hereby affirms the “Bbb” rating assigned to DLM Capital Group Limited (‘DLM’ or ‘the Group’). The rating reflects DLM’s strong brand and expertise in structured credit, low leverage, sizeable exposures to low-risk government securities and payroll deductible consumer loans and a competent and experienced management team. However, the rating is constrained by the concentration in ownership, reliance on wholesale funding and non-core revaluation gains in addition to the weak capitalisation of the finance company subsidiary. The macroeconomic challenges plaguing Nigeria also constrain the rating.