Agusto & Co. upgrades the rating of CardinalStone Partners Group to ‘Bbb’
The rating expires on 30 June 2022.
Agusto & Co. hereby upgrades the rating of CardinalStone Partners Group (“CSPG” or “the Group”) to ‘Bbb’. The upgrade is hinged on CSPG’s improved risk management structure, asset quality and funding profile following the Group’s debut commercial paper and bond issuances in 2020. Furthermore, the rating is supported by CSPG’s good profitability, good liquidity profile, adequate capitalisation and competent and stable management team. The rating is, however, constrained by the Group’s exposures to unrated financial institutions and significant concentrations in asset portfolios in the review period. The present global and domestic economic challenges and the likely implications for the Group’s business have also been taken into consideration.
CSPG is a financial services group that provides a bouquet of services including asset management, financial advisory and investment banking to blue-chip and midcap companies, high net-worth individuals (HNIs), institutional investors and retail clients. The Group, through its businesses, has broker, fund manager, registrar and trustees licences from the Securities and Exchange Commission (“SEC”) and a finance house licence from the Central Bank of Nigeria (“CBN”).