Agusto upgrades Coronation Merchant Bank’s rating to “A”
Agusto & Co., Nigeria’s lone rating agency, upgraded the credit rating of Coronation Merchant Bank, formerly Associated Discount House Limited to “A”.
The upgrade was an improvement from the bank’s “A-“, with stable outlook, which came as an affirmation of strong capitalisation, adequate liquidity profile, good asset quality and experienced management team”.
This is also coming barely one year after its conversion to merchant banking operations, which the bank said it bestows confidence on the effectiveness of its new business strategy and operational model.
According to the bank, over the past one year, it has demonstrated a strong capacity to “intelligently navigate the challenging and complex business environment” in a manner that guarantees shareholders’ value.
The bank has adopted a business model, which is very risk focused and is committed to the adoption of risk management best practices in all facets of its operations and predicates its operations on a conservative, but highly responsive portfolio management philosophy.
This strategy, coupled with a guarded risk attitude and strong risk bearing capacity, supported its seamless transition from Discount House to merchant banking operations.
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