Agusto & Co. affirms United Bank for Africa Plc’s ‘Aa-’ rating, with a stable outlook

Agusto & Co. affirms United Bank for Africa Plc’s ‘Aa-’ rating, with a stable outlook

Rating Release

Agusto & Co. affirms United Bank for Africa Plc’s ‘Aa-’ rating, with a stable outlook.

 The rating expires on 30 June 2022.

The rating assigned to United Bank for Africa Plc (‘UBA’ or the ‘Bank’) reflects its Pan-African franchise value, which has upheld a good liability generation strategy and a strong ability to refinance across the local and foreign capital markets. The rating also reflects the Bank’s good capitalisation, good liquidity profile and experienced management team. However, the rating is constrained by UBA’s comparably low earnings vis-à-vis operating costs and some degree of obligor concentration in the loan book. Also factored into the rating is the impact of the fragile economic recovery and the harsh regulatory environment on the Bank’s performance.

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

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Corporates

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