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.
