Agusto & Co. affirms the ‘Aa-’ rating assigned to the ₦15 billion 5-year Fixed Rate Senior Unsecured Green Bond (‘the Issue’ or ‘the Bond’) of Access Bank Plc with a stable outlook
The rating expires on 31 December 2021.
Agusto & Co. affirms the ‘Aa-’ rating assigned to the ₦15 billion 5-year Fixed Rate Senior Unsecured Green Bond (‘the Issue’ or ‘the Bond’) of Access Bank Plc (“Access Bank” or “the Bank” or “the Issuer”). The conformity of the nominated projects to be funded or refinanced by the Bond with the pre-issue requirements of the Climate Bond Standard (Version 2.0) issued by the Climate Bond Initiative in 2017 was done by PricewaterhouseCoopers, a certified green bond verifier.
The assigned rating mirrors Access Bank’s stand-alone rating of ‘Aa-’ issued by Agusto & Co., given that the Bond ranks parri passu with other senior unsecured obligations of the Bank. The Issuer’s rating, which is subject to annual review, is underpinned by a good brand franchise emanating from its Industry position as the largest bank in Nigeria by total assets. Good asset quality, improving deposit mix, a strong capital base coupled with a stable and experienced management team are some of the other factors reflected in the Bank’s rating. However, the elevated cost profile, concentration in the loan portfolio and the lingering macroeconomic headwinds, accentuated by the COVID-19 pandemic, are constraints to the rating of Access Bank Plc.