Rating Release 

Agusto & Co. hereby upgrades the rating assigned to CardinalStone Partners Limited to “A-” with a stable outlook 

The rating expires on 30 June 2025 

Agusto & Co. hereby upgrades the rating assigned to CardinalStone Partners Limited (“CSP” or “the Company”) to “A-”. The upgrade reflects CSP and its subsidiaries’ (“CardinalStone Partners”, “CSPG” or “the Group”) growing brand in the Nigerian financial services sector and the positive impact on business volumes across the operating entities. The rating is also upheld by the Group’s good profitability, experienced and qualified management team, sufficient capitalisation and good funding profile with the diversity of sources and the demonstrated ability to refinance from the debt market. However, the rating is constrained by CSPG’s notable reliance on volatile trading income and considerable exposures to the uncertainties of the Nigerian stock market.

CSPG is focused on becoming a diversified financial services group that is dominant in the niche of providing solutions to high net-worth individuals (HNIs), institutional investors, state governments and mid to large corporates.