[BREAKING] Moody’s withdraws ratings of Nigerian lender Union Bank

Moody’s Ratings announced on Friday that it has withdrawn the ratings of Union Bank of Nigeria Plc due to insufficient information.

The ratings include the Caa1 long-term deposit ratings, the Not Prime short-term deposit ratings, the Caa1 long-term issuer ratings, the Not Prime short-term issuer ratings, and the Caa1 foreign-currency long-term Counterparty Risk Rating, according to a statement.

The global credit ratings agency said that prior to the withdrawal, the outlook on the long-term deposit ratings and long-term issuer ratings of Union Bank was stable.

“We have decided to withdraw the rating(s) because we believe we have insufficient or otherwise inadequate information to support the maintenance of the rating(s),” it said.