Rating Release
Agusto & Co. hereby maintains the “A-” rating assigned to United Capital Plc
The rating expires on 30 June 2024.
Agusto & Co. hereby maintains the “A-” rating assigned to United Capital Plc (“United Capital”, “UCP” or “the Group”). The rating reflects UCP’s strong relationship with a large commercial banking group, adequate profitability and funding, good liquidity profile, significant market share and experienced management team. However, the rating is constrained by substantial exposures to impaired assets and entities related to the Group’s former parent company and weak capital with low buffer for financial shocks. We have also taken into cognizance Nigeria’s fragile economy and the attendant adverse impact on consumers and businesses.
United Capital is a financial services group that offers asset management, securities trading, investment banking, trust and consumer lending services.