Agusto & Co. upgrades Globus Bank’s rating to ‘Bbb+’ with a stable outlook and a “3” ESG score.
The rating expires on 30 June 2023.
Agusto & Co. hereby upgrade the rating of Globus Bank Limited (‘Globus Bank’ or ‘the Bank’) to “Bbb+” on the back of its strong shareholders’ support as reflected in the successful capital raising exercise which culminated in the upgrade to a national bank. The shareholders who have experience in the banking industry also supported the Bank in customer acquisition, particularly large corporates in different sectors of the economy. The good deposit mix, improved capitalisation, and the nil impaired credit and experienced management team were also considered in assigning the rating. Offsetting these positive rating factors is concentration in the loan book as well as the prevailing macroeconomic and regulatory headwinds. We have also assigned an ESG score of “3” as we believe social and governance issues, and to a lesser extent environmental issues, have a material contribution to the Bank’s credit rating.