Rating Release
Agusto & Co. hereby upgrades Coronation Trustees Limited’s rating to Bbb-
The rating expires on 30 June 2023.
Agusto & Co. hereby upgrades Coronation Trustees Limited’s (“CTL” or “the Trustee”) rating to ‘Bbb-’ due to the improvement in board composition and governance structure. The rating is also upheld by the strong support from the Coronation Group and Access Holdings Plc ecosystems and good capitalisation. However, the rating is constrained by instability at the senior management level, concentration to related parties in investments, weak profitability and the absence of a functioning risk management unit. We have also considered the impact of the challenges in the global and domestic macro environments on the financial markets and the businesses of trustees.