Rating Release
Agusto & Co. hereby maintains the ‘Bbb’ rating assigned to Greenwich Trustees Limited
The rating expires on 30 June 2024.
Agusto & Co. hereby maintains the ‘Bbb’ rating assigned to Greenwich Trustees Limited (“Greenwich Trustees”, or “the Trustee”). The rating reflects the Trustee’s membership of an established financial services group, operational track record of more than 20 years, satisfactory liquidity profile, good capitalisation and acceptable profitability level. However, the rating is constrained by the concentration in placements, exposure to a low credit quality counterparty and dependence on a single segment for trust business. We have also considered the high debt burden of state governments and the impact on the newly elected administrations and therefore impeding municipal bond issuances.
The Trustee is licensed by the Securities and Exchange Commission (SEC) to provide public, private and corporate trust services. As at 31 December 2022, the Trustee had total assets of ₦13.2 billion