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Agusto & Co. places the ratings assigned to Nova Merchant Bank Limited and its bonds on watchlist

Rating Release

Agusto & Co. places the ratings assigned to Nova Merchant Bank Limited and its bonds on watchlist

Due to the instability in  key management roles including the Managing Director, Agusto & Co. hereby places the assigned rating of Bbb to Nova Merchant Bank Limited which expires on 30 June 2021, the Bbb- rating assigned to the Series 1 ₦10 billion 7 year Subordinated Unsecured Bond which expires 20 May 2021, and the Bbb rating assigned to the Series 2 ₦10 billion 5 year Senior Unsecured Bond which expires on 20 May 2020 on “Watchlist” pending when we can ascertain stability and minimal impact on the credit profile of the Bank.

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.