United Bank for Africa's (UBA) market position is supported by its good franchise in the corporate and retail segments in Nigeria and its geographic diversification. We expect that UBA's earnings will be resilient despite the economic slowdown in Nigeria and the high economic risk in the other parts of Africa where the group operates. We believe the bank's capital and earnings under our risk-adjusted capital framework will remain moderate over the next 12-18 months, with its capital adequacy ratio remaining well above minimum regulatory requirements. We are assigning our 'B/B' global-scale and 'ngBBB/ngA-2' Nigeria national-scale counterparty credit ratings to UBA. The stable outlook parallels our stable outlook on Nigeria but also reflects our expectation that the bank's financial profile will
