GCR Suspends Ratings on Union Bank of Nigeria
GCR Ratings has suspended the ratings on Union Bank of Nigeria Limited (UBN), without review. The ratings agency also announced it has suspended the ratings on Union Bank of Nigeria Plc’s NGN6.3 billion Series 2 Senior Unsecured Bonds, without review.
According to GCR, Union Bank of Nigeria’s 2024 audited financial statements have not been approved by the Central Bank, and therefore a review of the ratings cannot be finalised as a result of information sufficiency standard requirement.
GCR said it will only reinstate the ratings and analytical coverage for UBN should the required information be received and will otherwise withdraw the ratings in the next 4 months.
The ratings were last reviewed in August 2024; GCR downgrades Union Bank of Nigeria Plc’s national scale ratings to BBB-(NG)/A3(NG) from BBB+(NG)/A2(NG) due to capital deterioration.
“A credit rating suspension does not imply that the entity is not servicing its debt obligations or that its financial position has deteriorated, but rather that it has failed to provide important information pertaining to its credit profile,” GCR explained. #GCR Suspends Ratings on Union Bank of Nigeria Lafarge Africa Gears Up for Historic Profit, N1trn Revenue in Sight –CSL

