Rating Release
Agusto & Co. affirms Union Bank of Nigeria Plc.’s ‘A-’ rating, assigns an ESG score of 3 and a stable outlook.
The rating expires on 30 June 2024.
Agusto & Co. affirms the “A-” rating assigned to Union Bank of Nigeria Plc (‘UBN’ or ‘Union Bank’ or ‘the Bank’). The rating reflects the good domestic brand franchise, good liquidity profile and adequate capitalisation. We have also considered the potential impact of the integration of operations with Titan Trust Bank Limited (TTB) in the assigned rating. The rating is however constrained by the obligor concentration, deterioration in the loan book and the prevailing macroeconomic headwinds. A ‘3’ ESG score has been assigned which denotes that environmental, social and governance issues have a material impact on the Bank’s credit risk.
