Agusto & Co assigns B+ to Crownrise

Nigeria’s foremost rating company, Agusto & Co, has assigned a B+ rating to Crownrise Finance Plc.

Agusto & Co said the rating was supported by the adequate capitalisation of Crownrise Finance Plc. It also attached a “positive outlook” to the rating based on the expected improvement in the funding profile, increased earnings and profitability of Crownrise. “This also represents positive outlook for a investors in our medium investment and funds placement products,” said the Managing Director/ Chief Executive of Crownrise.

Crownrise is one of Nigeria’s first generation finance companies licensed in 1992 by the Central Bank of Nigeria (CBN).

Following the industry challenges triggered by the 2008/2009 global economic meltdown, the company emerged with a capital base well above industry threshold and now operates from its recently acquired corporate Lagos.

While the B+ rating affirms the impact of recent effort of the company’s board of directors led by Mr. Jonathan Babalola, a former Director of Other Financial Institutions Department of the CBN, to reposition the company to play critical role in the rejuvenation of the country’s economy, Agusto and Co, however, stated that the rating was constrained by some structural framework issues, including weak funding profile. head office in