Rating Release   

Agusto & Co. hereby upgrades the ratings assigned to Keystone Bank Limited to “B” (long term) and “B” (short term), with a stable outlook   

The rating expires on 30 June 2026.  

Agusto & Co. hereby upgrades the ratings assigned to Keystone Bank Limited (“Keystone Bank” or “the Bank”) to “B” (long term) and “B” (short term). The rating reflects the various initiatives by the new management team and Board of Directors to turn around the Bank’s fortunes. This was reflected in the return to profitability and improved deposit mix recorded in the year under review. However, the negative capital position, which threatens near-term growth plans and the Bank’s going concern status, constrains the rating. The lingering elevated impaired loans and subpar profitability are also reflected in the assigned rating. We have attached a “3” ESG score to the rating as we adjudged environmental, social and governance issues to have a significant contribution to the credit risk profile of Keystone Bank.