Agusto & Co. affirms Unitrust Insurance Company Limited’s ‘Bbb+’ rating, with a stable outlook.

Rating Category: Insurance Companies

Agusto & Co. affirms Unitrust Insurance Company Limited’s ‘Bbb+’ rating, with a stable outlook.

Rating Release

Agusto & Co. affirms Unitrust Insurance Company Limited’s ‘Bbb+’ rating, with a stable outlook.

The rating expires on 30 June 2023.

Agusto & Co. hereby affirms the ‘Bbb+’ rating assigned to Unitrust Insurance Company Limited (‘Unitrust’ or ‘the Underwriter’ or ‘the Insurer’). The rating reflects Unitrust’s experienced management team, good capitalisation and good liquidity profile. However, constraining the assigned rating is the Insurer’s subpar profitability, low investment returns and the prevailing macroeconomic headwinds.

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

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited Bbb Jun 30 , 2023 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria