Prima Corporation Retains ‘A-’ Rating

DataPro, the technology-driven credit rating agency has assigned Prime Corporation Limited a long-term rating of “A-” with a positive outlook for the year 2021/2022.

A statement signed by DataPro’s Client Services Manager, Mr. Kehinde Rasheed, at the weekend, explained that the “A-” indicates low risk. “It shows very good financial strength, operating performance, and business profile when compared to the standard established by DataPro.

“This company, in our opinion, has a strong ability to meet its ongoing obligations.

The statement said further that the DataPro Rating Committee approved the rating after assessment of the company’s financial performance, asset quality, liquidity, profitability, corporate governance and risk management, risk factors, and future outlook of its current healthy profile in the medium to long-term period.

“The rating of Prima Corporation Limited is supported by its strong business profile, good business support from its associate companies, and good liquidity profile. Prima Corporation had a short-term rating of “A1” with good credit quality and satisfactory capacity for timely payment of financial commitments, “the statement added.

DataPro, however, noted that the rating carries a maximum shelf life of 12 months, in line with international best practice, clarifying that the rating is not an offer to trade in securities not a substitute for the user’s judgment. “It is meant for reference purposes,” the statement said.