• Tuesday, July 23, 2024
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Agusto & Co, DataPro assign investment grade rating to Fast Credit Ltd

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

Fast Credit Limited, one of Nigeria’s leading financial institutions has earned a long-term investment grade rating of “Bbb” from Agusto & Co with a stable outlook and “BBB+” long-term with an A2 stable outlook for 2023/2024 from DataPro, respectively.

According to DataPro and Agusto & Co, the investment grade ratings reflect the company’s good profitability, adequate capitalization, competent and experienced management team, and an array of innovative products.

Findings revealed that the rating committees approved the ratings after an assessment of the company’s financial performance, corporate governance & risk management, regulatory environment, risk factors, and outlook of its current healthy profile in the medium to long-term period.

Also, it signals that Fast Credit has a very strong credit profile, ample liquidity, and minimal default risk.

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“Fast Credit is delighted at the credit ratings from both agencies which resulted in investment grade ratings of the company and a further testament of our consistent growth and success over the years,” said Emeka Iloelunachi, the Managing Director and CEO.

He noted that the company’s key strengths were taken into consideration and the rating agencies placed emphasis on our strong profitability, good capitalization, experienced management team, asset quality and a variety of innovative products.

“We at FCL are excited at the credit rating from both rating agencies, which is the next step towards other strategic initiatives that will continue to provide the company with a competitive advantage,” Iloelunachi said.

He explained that the company provides assorted and innovative types of credit products such as payroll lending, consumer products, SME, and corporate lending products to private and public sector employees and institutions. The Company also provides high-yielding investment products and target savings to individuals and institutional investors.