Rating Release

Agusto & Co. upgrades Parallex Bank Limited’s (“Parallex Bank” or “the Bank”) ratings to “Bbb-” (long term) and “A3” (short term), with a stable outlook  

The ratings expire on 30 June 2027. 

Agusto & Co. upgrades Parallex Bank Limited’s (“Parallex Bank” or “the Bank”) ratings to “Bbb-” (long term) and “A3” (short term) based on the good capitalisation, improved profitability and good liquidity profile. We also note the sectoral and obligor diversification of the loan book during the year under review. However, offsetting these positive rating factors are the rising impaired loan ratio and the concentrated deposit base. We have also assigned a “3” ESG score, as environmental, social and governance issues have a material contribution to the Bank’s credit risk profile.