Agusto & Co. affirms the ‘A-’ rating assigned to Union Bank of Nigeria Plc., with a stable outlook.

Agusto & Co. affirms the ‘A-’ rating assigned to Union Bank of Nigeria Plc., with a stable outlook.

RATING RELEASE

Agusto & Co. affirms the ‘A-’ rating assigned to Union Bank of Nigeria Plc., with a stable outlook.

The rating expires on 30 June 2022.

Agusto & Co. affirms the “A-” rating assigned to Union Bank of Nigeria Plc (‘UBN’ or ‘Union Bank’ or ‘the Bank’). The rating assigned reflects adequate capitalisation levels, a good domestic brand franchise, a good liquidity profile and refinancing capacity. The rating is however constrained by the lower profitability metrics recorded compared to contemporaries and Nigeria’s slowly recovering economy that adversely impacts the Bank’s key obligors. The unpredictability of the regulatory environment also threatens the performance of UBN and Nigeria’s banking industry in the short term.

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.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria
WSTC Financial Services Limited Bbb+ Mar 31 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria