Sage Grey Finance Limited has secured investment-grade ratings from Agusto & Co. Limited in its first credit assessment, a move the company said will strengthen investor confidence as it expands its lending and investment businesses.
The credit rating agency assigned the company a long-term rating of BBB and a short-term rating of A2, indicating its assessed capacity to meet financial obligations over the longer term and the coming year, respectively.
The assessment followed a review of the company’s financial performance, risk management and corporate governance.
Temitope Runsewe, managing director and chief executive officer of Sage Grey Finance, said the company sought the rating to provide customers, partners and investors with an independent assessment of its financial position.
“We chose to be rated because our customers and partners deserve more than our own word on how we are doing,” he said.
Runsewe said the investment-grade result showed that the company’s lending and risk management practices had withstood external scrutiny since it received its operating licence.
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He added that the rating would give institutional investors an independent basis for assessing the company as it grows its investment and fund management business.
“We are proud of this result, but we are not resting on it. A rating reflects where a company stands on the day it is issued, and Agusto & Co. will review us again before long,” he said.
He said the company would continue strengthening its operations ahead of subsequent assessments.
Sage Grey Finance is licensed by the Central Bank of Nigeria and provides lending, investment, fund management and advisory services to individuals and businesses. Its products include salary loans, rent support loans, the Target Investment Plan and Rentsaver Investment.
Agusto & Co., which provides credit ratings, research and credit risk management services, is registered and regulated by the Securities and Exchange Commission, Nigeria.
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