Coronation Group Limited, an African financial services conglomerate, has announced that GCR Ratings has upgraded its national-scale long-term issuer rating to A from BBB+ and its short-term rating to A1 from A2, with a stable outlook.
It said in a statement on Tuesday that the rating action represents a key milestone in the Group’s credit evolution, reflecting sustained improvements in capitalisation, earnings resilience, and balance sheet strength. It also reinforces Coronation’s competitive positioning within Nigeria’s financial services sector and its capacity to deliver consistent performance across market cycles.
According to the statement, GCR stated that the upgrade is driven by the Group’s strengthened capital base, improved earnings generation, and disciplined risk management framework, alongside its diversified business model spanning asset management, investment banking, securities trading, trusteeship, and insurance.
In its assessment, GCR stated that the rating action reflects “the Group’s improved capitalisation, enhanced earnings capacity, and disciplined risk management, which collectively support a stronger credit profile and underpin the Stable Outlook.”
The Stable Outlook indicates expectations that Coronation will maintain its current financial position over the medium term, supported by internal capital generation, controlled risk appetite, and continued strategic execution.
Commenting on the upgrade, the Managing Director and Chief Executive Officer of Coronation Group Limited, Wole Onasanya, described the development as a defining moment for the organisation.
“This upgrade represents a defining moment for Coronation and affirms the strength of our strategy, governance, and execution discipline. It reflects the deliberate steps we have taken over the past few years to reinforce our capital base, enhance earnings quality, and build a resilient, diversified financial services platform.
“We remain focused on delivering sustainable, long-term value to our clients and stakeholders, while maintaining a prudent risk culture and positioning the Group for continued growth across our core markets,” Onasanya said.
The upgrade places Coronation Group within the upper tier of nationally rated financial institutions, strengthening its standing with counterparties, investors, and regulators. It also enhances the Group’s ability to access funding markets on more competitive terms as it scales operations.
Coronation said it remains committed to deepening its integrated financial services platform, leveraging innovation, expertise, and strong governance to drive sustainable growth while maintaining financial strength and resilience in a challenging macroeconomic environment.