Union Bank Gets ‘A-‘ Rating

Agusto & Co. has assigned an “A-” rating on Union Bank of Nigeria Plc’s series 1 and series 2 combined N13.5 billion fixed rate senior unsecured issue. The issue was under the bank’s 2018 registered N100 billion Debt Issuance Programme. According to a statement from the Pan-African rating agency, the issue was senior to other unsecured obligations by the bank. The issue is adjudged to offer adequate safety of timely payment of interest and principal. The assigned rating reflects the Issuer’s good capitalisation, ability to refinance, good brand equity, as well as an experienced management team. Read More: