Agusto & Co. hereby maintains the “Bbb” rating assigned to Parthian Partners Limited
The rating expires on 30 June 2023.
Agusto & Co. hereby maintains the “Bbb” rating assigned to Parthian Partners Limited (“PPL” or “the Company”). The rating reflects PPL’s good capitalisation, low leverage, good shareholder support and competent management team. The rating also takes into cognisance the Company’s business model, which focuses primarily on the trading of the Federal Government of Nigeria’s (FGN) fixed income securities. The rating is, however, constrained by the absence of dedicated Board committees to oversee the various aspects of the business, the risk management process around placements which requires improvement and the reliance on nonrecurring income in the review period. The global economic downturn due to the lingering effect of the pandemic and the war Russian-Ukraine war has also been taken into consideration.
PPL is a Securities and Exchange Commission (SEC) licensed and FMDQ Securities Exchange Limited registered inter-dealer broker. The Company provides wholesale brokerage services to market dealers and investors including pension fund administrators, fund managers, banks and international financial institutions.