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.