Rating Release
Agusto & Co. affirms the ‘Aa-’ rating assigned to UBA Plc, with a stable outlook
The rating expires on 31 December 2025.
Agusto & Co. hereby affirms the “Aa-” rating assigned to United Bank for Africa Plc (‘UBA’ or ‘the Bank’) on the back of the Bank’s Pan-African franchise which moderates exposure to Nigeria’s macroeconomic headwinds while supporting the ability to harness global opportunities. UBA’s acceptable capitalisation, good liquidity profile, good profitability and strong ability to refinance, are also considered positive rating factors. However, constraining the rating are obligor concentration, the rising volume of strained (stage 2 and 3) loans, and the dominance of foreign-currency-denominated (FCY) facilities in the loan book. We have also assigned a ‘2’ ESG contribution score which denotes that environmental, social and governance issues have minimal impact on the Bank’s credit profile.