Rating Release
Agusto & Co. hereby upgrades FundQuest Finance Company Limited’s (“FundQuest Finance”, “FFCL” or “the Company”) ratings to “Bbb” long term and “A2” short term with a stable outlook
The rating expires on 30 June 2026
Agusto & Co. hereby upgrades FundQuest Finance Company Limited’s (“FundQuest Finance”, “FFCL” or “the Company”) ratings to “Bbb” long term and “A2” short term. The upgrades reflect the Company’s increasingly diversified borrowing base, supported by the use of digital platforms to deepen its foray into the retail segment and reduce investor concentration. The ratings are also supported by FundQuest Finance’s good capitalisation and experienced management team. However, the ratings are constrained by the Company’s sizeable exposure to unrated counterparties and subpar profitability metrics relative to peers due to an elevated cost profile. We have also considered the impact of the high rate of inflation in the macro environment and yields in the financial markets on FFCL’s operations.
FundQuest Finance is licensed by the Central Bank of Nigeria (CBN) to operate as a finance company. The Company provides a diverse range of credit products, including consumer loans, working capital finance, business loans and finance leases to midsized businesses and individuals.
