Agusto & Co. affirms Unity Bank’s ‘Bb-’ rating, with a stable outlook

Agusto & Co. affirms Unity Bank’s ‘Bb-’ rating, with a stable outlook

Rating Release

Agusto & Co. affirms Unity Bank’s ‘Bb-’ rating, with a stable outlook.

 The rating expires on 30 June 2022.

The rating assigned to Unity Bank Plc (‘Unity Bank’ or ‘the Bank’) reflects the Bank’s good brand equity in the Northern region of the country. The rating also recognises Unity Bank’s improved asset quality and experienced management team. Constraining these positive factors, is the lingering negative capitalisation, sustained sectoral concentration in the loan book and declining profitability amidst weak economic fundamentals

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
C&I Leasing Plc ₦10 billion 7-year Series II Bond Bbb+ Jun 03 , 2022 Stable Nigeria
C&I Leasing Plc ₦7 billion 5-year Series I Bond A- Jun 11 , 2022 Stable Nigeria
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Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria

Corporates

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

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 Plc’s Series 1 Bond A- May 31 , 2022 Stable Nigeria
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