FCMB Asset Management Limited has received an upgrade to its national long-term and short-term issuer ratings from GCR Ratings, reflecting the firm’s financial performance, liquidity position and the stronger credit profile of its parent company, FCMB Group Plc.
According to a statement on Sunday, GCR upgraded the company’s national scale long-term and short-term issuer ratings to A(NG) and A1(NG) from A-(NG) and A2(NG), respectively, while maintaining a stable outlook.
The rating agency said the upgrade was supported by FCMB Asset Management’s competitive position, financial discipline, and the strengthened credit profile of FCMB Group Plc.
GCR noted that the firm’s decade-long operating track record, brand recognition, diversified product offerings and distribution network contributed to its standalone credit strength, alongside consistent earnings growth and an unleveraged balance sheet.
According to the agency, FCMB Asset Management’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network, and cross-selling opportunities.”
