The Global Credit Rating (GCR), Africa’s number one credit rating agency, has affirmed Infinity Trust Mortgage Bank Plc’s BB+ credit rating with positive outlook in the long term and A3 with positive outlook in the short term for the 2015 rating year, based on its 2014 financial result.
According to its recent rating report, the GCR, which rates about 3,000 local and international organisations spanning four continents, stated that ITMB Plc was given the rating due to improvement in the bank’s competitive capacity, brand perception, corporate governance practices and robust financial performance, among other things.
In 2014, GCR rated ITMB Plc BB+ with positive outlook in the long term and A3 with stable outlook in the short term. The 2014 rating was an improvement over the 2012 and 2013 rating of BB+ with stable outlook in the long term and A3 with stable outlook in the short term.
Specifically, GCR said: “The 2015 rating takes cognisance of Infinity Trust Mortgage Bank Plc’s improved competitive capacity, enhanced brand perception resulting from its transformation from a private limited liability company to a public company in 2013 and the subsequent upgrade of its license to a National Primary Mortgage Bank in 2014.”
