Rating Release

Agusto & Co. hereby upgrades the rating of Greenwich Trustees Limited to ‘Bbb’

The rating expires on 30 June 2023. 

Agusto & Co. hereby upgrades the rating of Greenwich Trustees Limited (‘Greenwich Trustees’ or ‘the Trustee’) to ‘Bbb’. The rating is upheld by the Trustee’s membership of an established financial services group, operational track record of over 20 years, acceptable profitability, satisfactory asset quality and adequate capitalisation. However, the rating is constrained by exposure to low credit quality counterparties, ineffective risk management structures and high concentration in managed funds. We have also considered the dwindling revenue allocation to state governments due to public sector challenges and the impact of the upcoming general election on municipal bond issuances and the trusteeship business.

Greenwich Trustees is licensed by the Securities and Exchange Commission (SEC) to provide trusteeship services including Bond Trusteeship, Corporate Trusteeship, Sinking Fund Management, Child Education Trust, Estate/Will Administration and Nominee Services. As at 31 August 2022, the Trustees’ managed funds stood at ₦7.5 billion.