Rating Release

Agusto & Co. upgrades the ‘Bbb’ rating assigned to Greenwich Merchant Limited to ‘Bbb+’, with a stable outlook

 The rating expires on 30 June 2024.

Agusto & Co. hereby upgrades the rating of Greenwich Merchant Bank limited (“Greenwich MB” or “the Bank”) to “Bbb+” and affirms the ESG score of “3 assigned to the Bank. The rating reflects Greenwich MB’s good capitalisation, good liquidity and nil non-perfoming loans. The rating also considers the Bank’s niche in the investment banking space, experienced management team, and strong shareholders’ support. However, constraining the assigned rating is the sectorial and obligor concentration in the loan book, its limited operating history as a merchant bank and the prevailing macroeconomic and regulatory headwinds.  The ESG score underpins our view that environmental, social and governance issues have a material contribution to the rating assigned to the Bank.