Agusto & Co. upgrades Coronation Insurance Ghana Limited to a ‘Bbb+(GHA)’ rating and affirms the ‘Bbb(NGR)’ rating assigned to Coronation Insurance Plc, with a stable outlook

Rating Category: Insurance Companies

Agusto & Co. upgrades Coronation Insurance Ghana Limited to a ‘Bbb+(GHA)’ rating and affirms the ‘Bbb(NGR)’ rating assigned to Coronation Insurance Plc, with a stable outlook

  • Rating Release

Agusto & Co. upgrades Coronation Insurance Ghana Limited to a ‘Bbb+(GHA)’ rating and affirms the ‘Bbb(NGR)’ rating assigned to Coronation Insurance Plc, with a stable outlook.

 The rating expires on 30 June 2023.

Agusto & Co. upgrades Coronation Insurance Ghana Limited’s rating to ‘Bbb+(GHA)based on improved capitalisation, enhanced investment returns and a good product mix of short-tail non-life business with lower loss ratios. We also affirm the ‘Bbb(NGR) rating assigned to Coronation Insurance Plc which includes the non-life business in Nigeria and Ghana, and the life business in Nigeria. The assigned rating is hinged on strong shareholders’ support, good capitalisation and an experienced management team. However, the Group rating is constrained by the losses recorded in the life and non-life business in Nigeria. In addition, the prevailing macroeconomic headwinds in Nigeria and Ghana moderate both ratings.

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.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Lukefield Finance Company Limited Bbb- Jun 30 , 2023 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2023 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
North South Power Company Limited A- Jun 30 , 2023 Stable Nigeria
African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria