Agusto & Co. hereby upgrades the rating of FSDH Merchant Bank Limited to “A”.
The rating expires on 30 June 2020.
The rating assigned to FSDH Merchant Bank Limited (‘FSDH’ or ‘the Bank’) is underpinned by good capitalisation, good liquidity, good profitability and an experienced management team. The rating is however constrained by a concentration in the loan book, inflexible funding and the fragile state of the Nigerian economy.
On account of improvement in asset quality and profitability, while maintaining sufficient levels of capitalisation, we hereby upgrade the rating assigned to FSDH Merchant Bank Limited to “A”.
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.