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Fitch, GCR Assign UBA Positive Ratings

31 Dec 2012

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UBA office

By Obinna Chima

The United Bank for Africa (UBA) Plc has said it was given impressive ratings by two leading rating agencies- Global Credit Rating Company (GCR) and Fitch Ratings (Fitch).

A statement from the bank at the weekend said the ratings attested to the group's strong liquidity, solid risk management and robust balance sheet.
It explained: "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 emphasised the group's long corporate history and diversified risk and earnings base as other factors that influenced the rating outcome."
On the other hand, it stated that 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," it noted.

Commenting on the ratings, Group Managing Director/Chief Executive Officer, UBA, Mr. Phillip Oduoza, expressed the belief that the positive ratings were as a result of solid recovery in earnings, following deliberate management decision to clean up the balance sheet, as well as the sustained improvement recorded by operations outside Nigeria.

He also highlighted recent awards as African Bank of the Year by The Bankers Magazine, as one of the developments that raised stakeholders' perception about the bank.

"This is a strong indication of the positive impact of our collective drive and steadfastness in reclaiming our leadership position in the industry," Oduoza said.

" UBA is committed to partnering with stakeholders in all the countries the Bank is located, providing innovative banking services, promoting trade and investment, and developing infrastructure," it added.

Tags: Nigeria, Featured, Business, UBA

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