CORNERSTONE Financial Holdings Limited has received a one-notch upgrade across all four of its CariCRIS credit ratings, after a period in which the financial group completed a major restructuring and widened its business interests.

But the upgrade does not remove the central question around Cornerstone: whether it can become less dependent on Barita.

Cornerstone’s fortunes remain closely tied to Barita’s profitability, brand strength and credit profile. So while the upgrade recognises that Cornerstone has built a broader platform, the next challenge is proving that platform can produce steadier earnings outside Barita.