Agusto & Co. hereby upgrades the rating assigned to Family Homes Funds Limited to ‘A’.

Rating Category: Development Finance Institution

Agusto & Co. hereby upgrades the rating assigned to Family Homes Funds Limited to ‘A’.

Rating Release

Agusto & Co. hereby upgrades the rating assigned to Family Homes Funds Limited to ‘A’, with a stable outlook.

The rating expires on 30 June 2023

Agusto & Co. hereby assigns an ‘A-’ rating to AB Microfinance Bank (“the MFB”, or “ABMFB”). The rating reflects the MFB’s good profitability, good asset quality, adequate capitalisation, good liquidity profile, low leverage and experienced management team. However, the rating is constrained by concentration in deposits and borrowings, the reliance on expensive time deposits and the increased level of unseasoned obligors due to aggressive risk asset growth. We have also considered the volatile economic terrain, which has adversely affected businesses and households, in arriving at the rating.

The MFB is one of nine national microfinance banks in Nigeria. ABMFB provides micro banking services, in the form of credit and savings products, to traders, entrepreneurs and micro, small and medium-sized enterprises (MSMEs).

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Lukefield Finance Company Limited Bbb- Jun 30 , 2023 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2023 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
North South Power Company Limited A- Jun 30 , 2023 Stable Nigeria
African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria