Agusto & Co. hereby affirms the ‘A-’ rating assigned to United Capital Plc

Rating Category: Securities & Investment Firms

Agusto & Co. hereby affirms the ‘A-’ rating assigned to United Capital Plc

Rating Release

Agusto & Co. hereby affirms the ‘A-’ rating assigned to United Capital Plc

 The rating expires on 30 June 2023.

Agusto & Co. hereby affirms the ‘A-’ rating assigned to United Capital Plc (“United Capital”, “UCP” or “the Group”). The rating reflects the Group’s strong relationship with a large banking group, good profitability, good funding and liquidity profile, large market share and experienced management team. The rating is, however, constrained by significant exposures to entities related to the Group’s former parent company, weak capitalisation of United Capital’s asset management subsidiary and significant influence of a related party on governance and risk. We have also considered the significant uncertainty in Nigeria’s macro environment, which has adversely affected businesses and households.

United Capital is a financial services group and a former subsidiary of United Bank of Africa Plc (UBA) – one of the largest commercial banks in Nigeria. The Group offers asset management, securities trading, investment banking, trust and consumer lending services.

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.

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