CardinalStone Partners Limited

Rating Category: Securities & Investment Firms

CardinalStone Partners Limited

Rating Release

Agusto & Co. hereby assigns a ‘Bbb’ rating to CardinalStone Partners Limited

This rating expires 30 June 2023.

Agusto & Co. hereby maintains the ‘Bbb’ rating assigned to CardinalStone Partners Group (“CardinalStone Partners”, “CSPG” or “the Group”). The rating is supported by CardinalStone Partners’ strong brand, acceptable asset quality and capacity to attract funding from the financial markets. The rating is also supported by the Group’s good profitability, adequate capitalisation and experienced board and management team. The rating is, however, constrained by the concentration in asset portfolios, exposure to speculative grade instruments and concentration in funding. We also considered the effect of the weak macroeconomic climate on CSPG’s businesses.

CardinalStone Partners is a financial services group that provides asset management, financing, investment banking and trusteeship services to businesses, high net-worth individuals and retail clients. CSPG had assets under management of 52.9 billion as of 30 June 2022.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.
Send via WhatsApp

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Citihomes Finance Company Limited SR3 Nov 24 , 2023 Stable Nigeria
Lukefield Finance Company Limited Bbb- Jun 30 , 2023 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2023 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
North South Power Company Limited A- Jun 30 , 2023 Stable Nigeria
African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria