The rating company, in a statement issued at the weekend and signed by its Client Service Manager, Mr Kehinde Rasheed, explained that the “A” rating indicates low risk, adding that the rating 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.
It stated further that the DataPro Rating Committee approved the rating after the assessment of the Company’s financial performance, corporate governance and risk management as well as the operational and regulatory environment. It added that the rating also considers the operating model of the parent company and the financial strength of the subsidiaries.
According to the statement, “The Group Revenue grew yearly from 2017 to 2020. The latest growth was 96%. Other major rating considerations of VFD Group Plc include the company’s stable management team and its strong capitalisation.
“VFD Group Plc had a Short-Term Rating of “A2” which indicates fair credit quality and adequate capacity for timely payment of financial commitments.
The company however said that the rating carries a maximum shelf life of 12 calendar months, in line with international best practice, explaining however that the rating is therefore not an offer to trade in securities nor a substitute for the user’s judgement. “It is meant for reference purposes,” the statement said.
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