July 30, 2023/GCR Ratings
GCR Ratings (GCR) has placed Coronation Merchant Bank Limited’s national scale long and short-term issuer ratings of A-(NG) and A2(NG) respectively on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating results before 31 August 2023.
The ratings assigned at the last review are still in effect and remain unchanged until the review process is completed.
Ratings history
Coronation Merchant Bank Limited
| Rating class | Review | Rating scale | Rating | Outlook | Date |
| Long Term Issuer | Initial | National | A-(NG) | Stable | May 2016 |
| Short Term Issuer | Initial | National | A2(NG) | May 2016 | |
| Long Term Issuer | Last | National | A-(NG) | Negative | July 2022 |
| Short Term Issuer | Last | National | A2(NG) | July 2022 |
Salient Points of Accorded Rating
GCR affirms that a.) no part of the rating process was influenced by any other business activities of the credit rating agency; b.) the rating process was based solely on the merits of the rated entity, security or financial instrument being rated; and c.) the rating process was an independent evaluation of the risks and merits of Coronation Merchant Bank Limited, security or financial instrument.
The credit ratings have been disclosed to Coronation Merchant Bank Limited. The ratings above were solicited by, or on behalf of, Coronation Merchant Bank Limited, and therefore, GCR has been compensated for the provision of the ratings.
Coronation Merchant Bank Limited participated in the rating process via teleconferences and other written correspondence.
