Rating Release
Agusto & Co. hereby upgrades the rating assigned to AG Mortgage Bank Plc to “Bb+” with a stable outlook
The rating expires on 30 June 2025
Agusto & Co. hereby upgrades the rating assigned to AG Mortgage Bank Plc (“AGMB” or “the Mortgage Bank”) to “Bb+”. The upgrade reflects AGMB’s improved funding from forming stronger partnerships and good positioning in the Nigerian mortgage banking industry with an established track record of more than 20 years. The rating is also upheld by the Mortgage Bank’s adequate capitalisation and experienced management team. However, the rating is constrained by AGMB’s weak asset quality, low profitability and the exposure to repricing risk in a rising interest rate environment. We have also considered the adverse impact of elevated interest and inflation rates on mortgage loan affordability in Nigeria.