Rating Release
Agusto & Co. affirms the ‘Aa-’ rating assigned to Access Bank Plc’s ₦30 billion 7-year 15.5% Fixed Rate Subordinated Unsecured Notes, with a stable outlook
The rating expires on 30 June 2025.
Agusto & Co. affirms the ‘Aa-’ rating assigned to Access Bank Plc’s (“Access Bank” or “the Issuer” or “the Bank”) ₦30 billion 7-year 15.5% Fixed Rate Subordinated Unsecured Notes (“the Issue” or “the Bond”). The rating is a notch lower than the ‘Aa’ rating assigned to the Issuer by Agusto & Co., given the subordinated status of the Bond. The rating is upheld by the Bank’s good capitalisation, increasing profitability which we expect to be at an acceptable level in the near term and the dominant position of Access Bank as the largest bank in Nigeria. However, the rating is constrained by the relatively high funding and operating costs as well as the weak macroeconomic health of the Nigerian economy.
