Trustco Group ratings upgraded
Trustco has announced that Global Credit Ratings (“GCR”) has upgraded the long term national scale issuer rating and the short term national scale issuer rating assigned to Trustco to BBB (NA) and A2 (NA) respectively; with the outlook for the group now being accorded as Positive.
According to the report published by GCR, the ratings reflect Trustco´s entrenched financial services position and value-adding property investments. Sound capital and leverage metrics relative to Trustco´s evolving risk profile and business mix have supported the ratings upgrade. The rating outlook considers Trustco´s increasing operational scale, improved organisational efficiency, and long-term earnings diversification plans, coupled with supportive macroeconomic and property price trajectories in Namibia.
Trustco released this report to shareholders as it continues to demonstrate the group´s resolve to achieve only the highest levels of success whilst maintaining a solid governance and risk framework.
“In light of the increasing trend of recent downgrades to both local and international corporates and certain sovereigns, the fact that Trustco has managed to improve its overall rating is a very positive message to stakeholders,” said Trustcoin a statement.