Rating Release

Agusto & Co. upgrades the ratings assigned to QMB Funding SPV Plc’s (“the Issuer”) ₦8 billion Series 2 10-year Unsecured Bond (“the Issue or “the Bond”) due in 2030 to “A-”, with a stable outlook  

The rating expires on 30 June 2027. 

Agusto & Co. upgrades the ratings assigned to to QMB Funding SPV Plc’s (“the Issuer”) ₦8 billion Series 2 10-year Unsecured Bond (“the Issue” or “the Bond”) due in 2030 to “A-”. The Issuer is a subsidiary of Quest Merchant Bank Limited (“Quest MB” or “the Sponsor” or “the Bank”), incorporated to raise debt securities for the Bank. The Bond is subordinated to all senior debt obligations of the Bank; hence, the rating is a notch below the “A” rating assigned to Quest MB, which expires on 30 June 2027. The Sponsor’s rating reflects the conclusion of the divestment process and the Bank’s membership of Custodian Investment Plc, a diversified financial services holding company. Also supporting the Sponsor’s rating are good capitalisation, good asset quality and a decent liquidity profile. However, the ratings are constrained by concentration in the loan book and deposit base.