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Economy | Reviews & Outlooks

GCR Places Wema Bank Plc’s Ratings on Review Extension

May 06, 2022   •   by   •   Source: Others   •   eye-icon 481 views

Friday, May 06, 2022 / 02:05 PM / by GCR Ratings / Header Image Credit:  WEMA Bank

GCR Ratings (“GCR”) has placed Wema Bank Plc’s national scale long and short-term issuer credit ratings of BBB-(NG) and A3 respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 31 May 2022.

The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

Ratings History

Wema Bank Plc

Rating class

Review

Rating scale

Rating

Outlook/Watch

Date

Long Term Issuer

Initial

National

BBB-(NG)

Stable Outlook

March 2016

Short Term Issuer

Initial

National

A3(NG)

March 2016

Long Term Issuer

Last

National

BBB-(NG)

Positive Watch

September 2021

Short term Issuer

Last

National

A3(NG)

September 2021

 

Salient Points of Accorded Rating

GCR affirms that 

a.) no part of the ratings process was influenced by any other business activities of the credit rating agency; 

b.) the ratings were based solely on the merits of the rated entity, security or financial instrument being rated; and 

c.) such ratings were an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

The credit ratings have been disclosed to the rated entity. The ratings above were solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the ratings.

The rated entity participated in the rating process via teleconferences and other written correspondence.

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