Large customer franchise in Nigeria and good geographic footprint in the rest of Africa. Historically stable asset-quality metrics and loan loss. Moderately high single-name obligor concentration. High operating risks in Nigeria. Large foreign currency exposure. The stable outlook on United Bank for Africa PLC (UBA or the group) reflects that on Nigeria (B-/Stable/B). We would lower the ratings on UBA over the next 12 months if we observed increasing risk that Nigeria would not meet its capacity to repay commercial obligations, either due to declining external liquidity or a continued reduction in fiscal flexibility, which will likely affect banks' U.S.-dollar funding and liquidity position. We would raise the ratings on UBA over the next 12 months if we were to
