Rating Release

Agusto & Co. affirms the ratings assigned to Union Bank of Nigeria Plc (“Union Bank” or “the Bank”) of “Bbb” (long term) and “A2” (short term), with a stable outlook 

The ratings expire on 30 June 2026.

Agusto & Co. affirms the “Bbb” (long term) and “A2” (short term) ratings assigned to Union Bank of Nigeria Plc (“Union Bank” or “the Bank” or “UBN”). The ratings reflect the explicit regulatory support of the Central Bank of Nigeria (CBN) to enable the Bank meet its contractual obligations as they fall due and comply with all its financial obligations until 24 July 2026. The improved deposit mix, good liquidity profile and experienced management also support the ratings. However, the ratings are constrained by lingering asset quality issues, low profitability and the challenging macroeconomic environment. A “3” ESG score has also been attached to the ratings, reflecting our view that environmental, social and governance issues are material to the Bank’s credit risk profile.