Rating Release 

Agusto & Co. hereby affirms the “A-” long term and “A1” short term ratings assigned to United Capital Plc with a stable outlook 

The rating expires on 30 June 2026 

Agusto & Co. hereby affirms the “A-” long-term and “A1” short-term ratings assigned to United Capital Plc (“UCPLC” or “the Company”) and upgrades the outlook of the ratings to stable from negative due to the improving capital buffers following the impairment losses recorded in prior periods. The ratings reflect UCPLC and its subsidiaries’ (“United Capital”, “UCAP” or “the Group”) large market share in investment banking and asset management Industry, broad range of products and services and diversified funding sources. The Company’s ratings are also supported by the strong relationship with a large banking group, good liquidity profile and experienced management team. However, the ratings are constrained by the Group’s subpar capitalisation, low profitability metrics relative to peers and significant related party transactions. We have also considered UCAP’s ability to improve performance and expand business operations in a period marked by elevated macroeconomic pressures.

United Capital’s strategic goal is to become a globally respected financial services group by providing a broad range of financial services including investment banking, trusteeship, asset management, securities trading, consumer lending and microfinance to meet clients’ needs across Africa.