GCR assigns “AAA” rating to Development Bank of Nigeria

Global Credit Ratings (GCR), one of the leading rating agencies in Africa, has assigned the Development Bank of Nigeria an “AAA” Long Term National Scale rating. GCR stated this on its website.

The conferment, which is the highest rating for financial institutions, is in line with the “risk-free” rating of the Nigerian Sovereign and attests to DBN’s strong fundamentals and credibility.

Managing Director/CEO, Development Bank of Nigeria (DBN) Mr. Tony Okpanachi expressed satisfaction on the development saying: “We are pleased with this debut rating of “AAA”, with a stable outlook, from GCR, one of the foremost rating agencies in Africa.

“We appreciate the rigorous and diligent assessment of GCR as it provides an additional layer of independent review of our governance and risk management practice, ESG principles, and broader management of the institution. More importantly, the outcome of the rating exercise, as expressed in our “AAA” national scale rating, is a testament to our balance sheet capacity, quality of the risk asset portfolio, and sound risk management practice.

‘‘We would continue to adhere to global best practice in market interventions, as we remain committed to alleviating financing constraints faced by MSMEs and Small Corporates in Nigeria, through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis,” Okpanachi stated.