UBA Gets Improved Global Ratings

World leading rating agencies Global Credit Rating (GCR) Co. and Fitch Ratings have painted a good picture of the financial status of the United Bank for Africa PLC.

Both assigned impressive ratings to the Nigerian bank, which has satellite operations in more than 14 other countries mainly in Africa.

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.

Fitch also 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.