Rating Release
Agusto & Co. hereby upgrades TrustBanc Holdings Limited’s (“TrustBanc Holdings” or “the Company”) ratings to “Bbb+” (long term) and “A2” (short term) with a stable outlook
The rating expires on 30 June 2026
Agusto & Co. hereby upgrades TrustBanc Holdings Limited’s (“TrustBanc Holdings” or “the Company”) ratings to “Bbb+” (long term) and “A2” (short term). The upgrade reflects TrustBanc Holdings and its subsidiaries’ (“TrustBanc Group” or “the Group”) improved capitalisation metrics, supported by consistent equity injections aimed at maintaining a strong risk buffer as business volumes grow. The ratings are also supported by the Group’s low level of non-performing loans underpinned by the deduction-at-source model and liens on obligors’ cash flows, low leverage, demonstrated ability to refinance through the debt market, and experienced management team. However, the ratings are constrained by TrustBanc Group’s relatively low profitability metrics relative to peers, sizeable amount of investments in unquoted equities whose credit quality cannot be ascertained, concentration in ownership structure and sizable contribution of wholesale funding to Funds under Management (FuM). We have also considered the prevailing macroeconomic environment, including the potential impact of the new Capital Gains Tax (CGT) in 2026 and the uncertainties of the pre-election year, which could pose modest threats to market and economic activity.
TrustBanc Group offers a suite of financial and investment management services, including asset management, securities brokerage, insurance brokerage, consumer loans and structured finance to retail clients, high-net-worth individuals (HNIs), and institutional investors.
