Unity Bank gets BBB- rating affirmation

By The Citizen

Unity Bank Plc has received the affirmation of two rating agencies, Global Credit Ratings (GCR) and Data Pro Limited for the long-term national scale issuer ratings of BBB-(NG) assigned to the bank with the outlook considered as Stable.

A statement from the bank said the rating is an indication that the bank has adequate protection factors and considered sufficient for prudent Long Term investment.

In addition, GCR rated Unity Bank A3, while DataPro rated the Bank A2 for Short Term debts on the national scale.

DataPro noted that Unity Bank showed fair balance sheet strength, operating performance and business profile. According to rating agency, 'this institution, in our opinion, has an ability to meet its current obligations.'

In its corporate credit rating report, Data Pro also said Unity bank's strength lies in its good asset quality, geographical spread and robust and secured technological platform.'

It added that 'the bank has also advanced its risk management practices evidenced by complete overhaul of its Enterprise Risk Management policies, certification into the prestigious ISO27001:2005 and Payments Cards Industry Data Security Standards (PCIDSS) in order to ensure that customers' information are always secured'.