Rating Release 

Agusto & Co. hereby upgrades the rating assigned to Cowry Asset Management Limited  to “Bb+” (long term) and “B” (short term) ratings with a stable outlook 

The rating expires on 30 June 2026 

Agusto & Co. hereby upgrades Cowry Asset Management Limited’s (“Cowry Asset”, “CAML” or “the Company”) ratings to “Bb+” (Long term) and “B” (Short term). The upgrade reflects Cowry Assets and its subsidiaries’ (“Cowry Group” or “the Group”) better liquidity position and improving profitability metrics. The rating is also supported by the Group’s sizeable exposure to investment grade instruments. However, the rating is constrained by the sizeable related party transactions and significant concentration in the ownership structure, funding base and the loan and investment portfolios. We have also considered the effect of the weak economic climate on Cowry Group’s business performance, ability to generate more stable fee-based income and reduce the cost of funding.

Cowry Group is a financial services group that offers corporate finance, financial advisory, securities dealing, asset management and portfolio management services.