GCR Places Union Bank Of Nigeria Plc’ Credit Ratings On Review Extension

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Union Bank Nigeria: Topline Buoyed by Volatile Income Lines

GCR Ratings (GCR) has placed Union Bank of Nigeria Plc’s national scale long and short-term issuer ratings of BBB+(NG) and A2(NG) respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 31 August 2021.

The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

Ratings History – Union Bank of Nigeria Plc

Rating class
Review
Rating scale
Rating
Outlook/Watch
Date
Long Term Issuer Initial National BBB+(NG) Stable Outlook June 2015
Short Term Issuer Initial National A2(NG)
Long Term Issuer Last National BBB+(NG) Negative Outlook July 2020
Short Term Issuer Last National A2NG)

 

SALIENT POINTS OF ACCORDED RATING

GCR affirms that a.) no part of the ratings process was influenced by any other business activities of the credit rating agency; b.) the ratings were based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such ratings were an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

The credit ratings have been disclosed to the rated entity. The ratings above were solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the ratings.

The rated entity participated in the rating process via teleconferences and other written correspondence.