31 December 2012

Nigeria: UBA Gets Fitch, GCR Good Ratings

The United Bank for Africa (UBA) Plc, has been given impressive rating by two top world leading rating agencies, Global Credit Rating Co. (GCR) and Fitch Ratings (Fitch).

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 issuance 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.

On its part, Fitch affirmed UBA's long term foreign currency rating at B+ and its long term national rating at A+(nga). 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.

Commenting on the ratings, Mr. Phillips Oduoza, Group Managing Director/CEO of UBA Plc expressed belief that the positive outcomes came on the back of solid recovery in earnings, a statement from the bank's Head of Media, Nasir Ramon, said.

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