• Wednesday, June 12, 2024
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Atiat gets BBB long-term rating on operating resilience, financial capability

Atiat gets BBB long-term rating on operating resilience, financial capability

Atiat Limited, an indigenous proprietary leasing and lending company has earned a BBB Long-Term Rating by DataPro, a compliance, corporate governance and fraud risk management consulting firm.

This rating underscores Atiat’s operating resilience, financial capability, and robust business profile. The rating positions Atiat as an unwavering business partner and a credit-worthy entity with the capacity to meet its ongoing obligation, following the sterling performance of growing both revenue and total assets in 2022.

The rating was done on two levels with a short-term rating of A2 and a long-term rating BBB indicating fair credit quality and good financial strength respectively.

The rating took into consideration all relevant qualitative and quantitative factors to arrive at the assigned risk indicator. The qualitative factors considered included industry and market intelligence as well as public information. The quantitative factors on the other hand included data from the Company’s Audited, Management Accounts and other risk factors such as the company’s capitalization, earnings profile, liquidity, corporate governance, regulatory compliance and sustainability of the company’s current healthy profile in the medium to long term period.

Read also: DataPro assigns BBB+ credit rating to Fast Credit

For the short term, DataPro rating of of A2 is indicative of Atiat’s fair credit quality and adequate capacity for timely payment of financial commitments, over a period of 12 months. The Long-Term Rating of BBB indicates slight risk. It shows very good financial strength, operating performance and business profile when compared to the standard established by DataPro.

Speaking on the rating and its significance, Kanayo Eni-Ikeh, MD/CEO at Atiat Limited, noted that the recent DataPro’s BBB rating is a testament to the company’s ongoing effort to provide competitive service that drives value for their various clientele. As a financial service provider whose critical currency of exchange is trust, we are persuaded that this rating will further increase our clients’ and the public’s confidence in our business”.

Read also: Agusto & Co, DataPro assign investment grade rating to Fast Credit Ltd

As a leading lending and leasing company in Nigeria, Atiat provides an array of specialized services ranging from structured finance, operating lease, fleet management, car rental and financial advisory to a growing clientele of individual and corporate organisations spread across the banking, telecoms, oil and gas and Fast-Moving Consumer Goods (FMCG) sectors.

In its efforts to expand its reach and scope of services, Atiat has expanded its operational office from Lagos to Abuja and Enugu. It also has two subsidiaries- a car sales company (Our Car) and an insurance brokerage company (Atiat Insurance Brokers).

With a renewed focus on operation lease and fleet management, Atiat facilitates the provision of operational vehicles to corporate organisations for personnel logistics and commuting.

Kanayo said, “We are excited about DataPro’s evaluation and validation of our services and business. This BBB Long-Term Rating is a distinct reaffirmation of our commitment to delivering unparalleled financial solutions and building enduring partnerships with our growing clientele”.

DataPro, through a data-centric approach, assesses and empowers businesses across the globe with enhanced corporate governance practices and robust credit assessment, ensuring sound financial decisions, security and sustainable growth.

“With this rating, we assure our clients that we are not resting on our oars. We commit to expanding our array of services, becoming more efficient in the delivery of our services and adopting global practices to ensure customer asset portfolio growth and satisfaction. More information about our growth in the last financial year and increased opportunities to our clients and customers will be communicated at our Annual General Meeting this September,.” Kanayo concludes.