Rating Release

 Agusto & Co. hereby upgrades the rating assigned to CardinalStone Partners Group to “Bbb+“ with a stable outlook.

The rating expires on 30 June 2024.

Agusto & Co. hereby upgrades the rating assigned to CardinalStone Partners Group (“CardinalStone Partners”, “CSPG” or “the Group”) to “Bbb+”. The upgrade reflects CardinalStone Partners’ more established performance track record and growing brand which supports its access to funding from the money and debt capital markets. The rating is also upheld by CSPG’s good profitability, good liquidity and funding profile and experienced Board and management. However, the rating is constrained by the Group’s reliance on volatile trading income, rising exposures to unseasoned counterparties and high concentration in clients’ managed funds. We have also considered the impact of the adverse macro environment on consumers and businesses.

CardinalStone Partners is a financial services group that provides asset management, investment banking, securities registrar, securities trading, margin and asset-backed lending and trusteeship services.