Agusto & Co. affirms the ‘Bbb+’ rating assigned to Unitrust Insurance Company Limited.
The rating expires on 30 June 2021.
The rating assigned to Unitrust Insurance Company Limited (“Unitrust” or “the Insurer”) takes into cognisance its strong shareholders’ support as reflected in the successful rights issue exercise and experienced management team. However, offsetting these positive factors is the COVID- 19 pandemic which has led to the deterioration in the Insurer’s performance and the fragile macroeconomic environment which is adversely affecting Nigerian businesses.
Agusto & Co. has attached a stable outlook to the rating of Unitrust Insurance Company Limited. The outlook reflects our expectation of the pandemic on the rating which has been taken into cognisance in our assumptions. Agusto & Co. will continue to monitor the Insurer’s performance to reassess the impact of the pandemic on the assigned rating and outlook 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.