Rating Release
Agusto & Co. hereby affirms the “A-” rating assigned to United Capital Plc’s (“United Capital” or “the Issuer”) Series II 5 – Year Fixed-Rate Secured Bond with a stable outlook
The rating expires on 14 September 2026
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 15% Series II Fixed-Rate Senior Unsecured Bond (“the Bond” or “the Issue”) issued under the ₦30 billion Debt Issuance Programme and upgrades the outlook of the rating to stable from negative due to improving capital buffers following the impairment losses recorded in the prior periods. The rating assigned to the Bond mirrors the standalone rating of United Capital as the Issue is a direct, unconditional, senior and unsecured obligation and ranks pari passu in all respects with its other obligations. The Issuer’s rating reflects large market share in the investment banking and asset management industries, broad range of products and services and diversified funding sources. The rating is also supported by the strong relationship with a large banking group, good liquidity profile and experienced management team. However, the rating is constrained by the Group’s low profitability metrics relative to peers, subpar capitalisation and significant related party transactions.
United Capital provides a bouquet of financial services including asset management, trusteeship, securities trading, wealth management,x investment banking and lending to large corporations, sub-national governments, high net-worth individuals (HNIs) and retail clients.