UBA Gets Improved Global Ratings

The United Bank for Africa PLC, one of Africa’s leading financial services institutions, has been assigned impressive ratings by two of the world’s leading rating agencies, Global Credit Rating (GCR) Co. and Fitch Ratings.

GCR assigned UBA a long term national rating of AA- and a long term international rating of B+, both with stable outlook.

The agency also affirmed the first two issuances of the group’s N400 billion medium term debt, capital raising programme as high investment grade instruments, based on the group’s strong fundamentals and widespread brand recognition.

GCR emphasized the group’s long corporate history and diversified risk and earnings base as other factors that influenced the rating outcome.

In a related development, Fitch affirmed UBA’s long term foreign currency rating at B+ and its long term national rating at A+

The agency crowned the ratings with stable outlook, citing strong earnings recovery, low impairment risks and high liquidity as key drivers of the rating results.

Reacting to the improved ratings, the bank noted that the good ratings attest to the group’s strong liquidity, solid risk management and robust balance sheet.

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