Coronation Group credit rating upgraded

Coronation Group, an African financial services conglomerate, has received an upgrade in its national-scale long- and short-term issuer ratings from GCR Ratings. The long-term rating was raised to A- from BBB+, and the short-term rating to A1 from A2, both with a stable outlook. GCR Ratings cited sustained improvements in Coronation Group's capitalisation, earnings resilience, and balance sheet quality as the primary drivers for the upgrade. The company's diversified operating model, spanning asset management, investment banking, private markets, securities trading, trusteeship, and registrar business verticals, also contributed to the positive assessment. Wole Onasanya, Managing Director/Chief Executive Officer of Coronation Group, stated that the upgrade affirms the strength of their strategy, governance, and execution discipline. This rating action positions Coronation Group within the upper tier of nationally rated financial institutions in Nigeria, enhancing its credibility with counterparties, investors, and regulators, and improving its ability to access funding markets on more competitive terms.