Rating Release

Agusto & Co. upgrades Fidelity Bank Plc’s ₦41.2 billion 10-year Subordinated Unsecured Fixed Rate Series 1 Bond to “A”, with a “stable” outlook. 

The rating expires on 7 January 2026 

Agusto & Co. hereby upgrade the rating assigned to Fidelity Bank Plc’s (‘Fidelity Bank’ or ‘the Bank’ or ‘the Issuer’) ₦41.2 billion 10-year Subordinated Unsecured Fixed Rate Series 1 Bond (‘the Issue’ or ‘the Bond’) due in 2031 to “A”. This is a notch lower than Fidelity Bank’s standalone “A+” rating issued by Agusto & Co., given its subordinated profile to other senior debt of the Bank. The Issuer’s rating reflects an expanding brand franchise, improved profitability, good liquidity, adequate capitalisation and a low level of impaired loans. However, the rating is constrained by the obligor and sectorial concentration in the loan portfolio and the prevailing macroeconomic headwinds.