Agusto & Co. hereby affirms the ‘A-’ rating assigned to United Capital Plc
The rating expires on 30 June 2022
Agusto & Co. hereby affirms the ‘A-’ rating assigned to United Capital Plc (“United Capital”, “UCP” or “the Group”). The rating reflects the Group’s good profitability across all businesses, good funding and liquidity profile, large market share and experienced management team. The rating is, however, constrained by capitalisation and asset quality that require improvement. The rating also takes into cognisance the significant exposures to entities related to the former parent company of the Group, which in our opinion reflects lapses in compliance with the risk management framework. We have also considered the impact of Nigeria’s weak economy on UCP’s operations.
United Capital is a financial services group and a former subsidiary of United Bank for Africa Plc (UBA) – one of the largest commercial banks in Nigeria. The Group offers asset management, securities trading, investment banking and trust services to high net-worth, institutional and retail investors in Nigeria.