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Agusto & Co. affirms the “A-” rating assigned to UAC of Nigeria Plc with a stable outlook

Rating Release

Agusto & Co. affirms the “A-” rating assigned to UAC of Nigeria Plc with a stable outlook.

This rating expires 30 June 2021.

The rating reflects our opinion on the Holding Company’s good financial condition evidenced by a low leverage, adequate working capital and a satisfactory cash flow. The assigned rating is also hinged on the expected improvement in UACN’s financial performance upon completion of the ongoing sale of controlling equity stake in the loss-making real estate subsidiary. In addition, we have considered the recent personnel changes at both Executive Management and Board levels across UACN’s portfolio companies as positive for the Company. Our rating is on the Holding Company as a standalone entity. Agusto & Co. did not appraise the financial condition of UACN Group, which comprises UACN and its seven subsidiaries and an affiliate.

The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.