Rating Release
Agusto & Co. hereby upgrades the rating assigned to TrustBanc Holdings Limited with a stable outlook
The rating expires on 30 June 2025
Agusto & Co. hereby upgrades the rating assigned to TrustBanc Holdings Limited (‘TrustBanc’ or ‘the Group’) to a “Bbb” on account of better capitalisation and improved governance. The rating also reflects TrustBanc’s sizeable exposures to low-risk government securities and payroll-deductible consumer loans, growing track record in the Nigerian debt market with ability to refinance, low leverage and an experienced management team. However, the rating is constrained by concentration in the asset portfolio, weak profitability, concentration in ownership and reliance on wholesale funding. The macroeconomic challenges plaguing Nigeria also constrain the rating.
