GCR Withdraws Ratings on Union Bank of Nigeria

By Aduragbemi Omiyale

The ratings assigned to Union Bank of Nigeria Plc by GCR Ratings have been withdrawn, Business Post reports.

The ratings were taken back without review, a statement issued by the rating agency on Wednesday, October 14, 2026, stated.

The ratings withdrawn from the Nigerian lender include the national scale long-term issuer rating of BBB-(NG) and the national scale short-term issuer rating of A3(NG), both assigned to the bank in December 2025.

GCR, which is now under Moody’s, explained that the ratings were withdrawn “due to business reasons.”

It emphasised that this action “does not imply that the entity is not servicing its debt obligations or that its financial position has deteriorated.”

“GCR has withdrawn the national scale long- and short-term issuer ratings of BBB-(NG)/A3(NG) assigned to Union Bank of Nigeria Plc without review.

“The withdrawal was due to business reasons. Accordingly, GCR no longer supports the above-mentioned credit rating on the entity and any dependent ratings.

“A credit rating withdrawal does not imply that the entity is not servicing its debt obligations or that its financial position has deteriorated,” the statement noted.