Rating Release

Agusto & Co. hereby affirms the ‘A-’ rating assigned to United Capital Plc’s 5-Year ₦11.7 Billion Senior Unsecured Fixed Rate Series II Bond with a negative outlook

The rating expires on 30 September 2024.

Agusto & Co. hereby affirms the ‘A-’ rating assigned to United Capital Plc’s (“United Capital”, “the Group” or “the Issuer”) 5-Year ₦11.7 Billion Senior Unsecured Fixed Rate Series II Bond (“the Issue” or “the Bond”). The rating mirrors the stand-alonerating of the Issuer as the Issue ranks pari passu with all other senior unsecured debts. The rating is supported by the Group’s large market share, strong liquidity profile, adequate profitability and experienced management team. However, the rating is constrained by the Issuer’s weak capitalisation and significant exposures to related parties and unrated entities. We have also considered United Capital’s risk management which requires improvement given significant concentration to unrated entities and impaired investments.

United Capital Plc is a leading financial services group that offers asset management, securities trading, investment banking, trusteeship and consumer lending services. The Issuer’s total assets stood at ₦601.9 billion as at 2022 FYE