Rating Release
Agusto & Co. hereby upgrades Coronation Trustees Limited’s credit rating to a “Bbb” with a stable outlook.
The rating expires on 30 June 2025.
Agusto & Co. hereby upgrades the rating assigned to Coronation Trustees Limited (“CTL” or “the Trustee”) to a “Bbb”. The upgrade reflects the strong support from the Coronation Group and Access Holdings Plc’s ecosystems, which enhanced business volumes in the review year and bolstered CTL’s profitability metrics, despite Nigeria’s weak economy. The rating assigned is also supported by CTL’s good capitalisation and acceptable asset quality and liquidity. However, the rating is constrained by the concentration to related parties in the investment portfolio and the substantial reliance on the ecosystem for transactions.
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