Agusto & Co. hereby maintains the ‘A-’ rating assigned to United Capital Plc with a negative outlook. 

Rating Category: Securities & Investment Firms

Agusto & Co. hereby maintains the ‘A-’ rating assigned to United Capital Plc with a negative outlook. 

Rating Release 

Agusto & Co. hereby maintains the ‘A-’ rating assigned to United Capital Plc with a negative outlook. 

The rating expires on 30 June 2025 

Agusto & Co. hereby maintains the “A-” rating assigned to United Capital Plc (“United Capital”, “UCAP” or “the Group”) with a negative outlook. The rating reflects UCAP’s strong relationship with a large commercial banking group, broad range of products and services, diverse funding sources, good liquidity profile, significant market share and experienced management team. However, the rating is constrained by the substantial exposures to related and unrated entities and high impairment charges in the review year that restrained profits. In addition, the rating is negatively impacted by the further weakness in capitalisation with a capital adequacy ratio of 4.7% as at the 2023FYE, which is significantly lower than peers. We have also taken into cognisance, Nigeria’s high interest rate environment and inflationary pressures, which negatively impact investment banking groups and the capital markets.

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.
Send via WhatsApp
Search

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
LECON Finance Company Limited A- Jun 30 , 2025 Stable Nigeria
FundQuest Financial Services Limited Bbb- Jun 30 , 2025 Stable Nigeria
C&I Leasing Plc.’s Series II ₦10 billion Bond Bbb+ Jun 30 , 2025 Stable Nigeria
Finceptive Limited Bbb- Jun 30 , 2025 Stable Nigeria
C&I Leasing Plc Bbb- Jun 30 , 2025 Stable Nigeria
Fast Credit Limited Bbb Jun 30 , 2025 Stable Nigeria
Fewchore Finance Company Limited Bbb- Jun 30 , 2025 Stable Nigeria
Credit Direct Finance Company Limited  Bbb+ Jun 30 , 2025 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Dangote Industries Limited A+ Jun 30 , 2025 Stable Nigeria
Nigerian Breweries PLC A+ Jun 30 , 2025 Stable Nigeria
Flour Mills of Nigeria PLC A- Sep 30 , 2025 Stable Nigeria
Saro Lifecare Limited A- Jun 30 , 2025 Stable Nigeria
Jimcol Resources Nigeria Limited Bbb+ Jun 30 , 2025 Stable Nigeria
Coleman Technical Industries Limited A- Jun 30 , 2025 Stable Nigeria
Dangote Sugar Refinery PLC A+ Jun 30 , 2025 Negative Nigeria
MTN Nigeria Communications PLC Aa+ Jun 30 , 2025 Negative Nigeria
Zeenab Foods Limited A Jun 30 , 2025 Stable Nigeria
Lagos Free Zone Company Bbb Jun 30 , 2025 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
LFZC Funding SPV Plc’s ₦25 Billion Bond  Aaa Mar 16 , 2025 Stable Nigeria
LFZC Funding SPV Plc’s ₦10.5 Billion Bond Aaa Sep 16 , 2025 Stable Nigeria
LFZC Funding SPV Plc’s ₦17.5 Billion Bond  Aaa Mar 16 , 2025 Stable Nigeria
River Jamieson SPV Limited’s ₦15.306 billion Series 1 and ₦2.25 billion Series 2 Bonds A Mar 14 , 2025 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria