Agusto & Co. hereby upgrade the rating of Access Bank Plc.’s ₦30 billion 7-year 15.5% Fixed Rate Subordinated Unsecured Notes to “Aa-”, with a stable outlook.
The rating expires on 30 June 2023.
Agusto & Co. hereby upgrade Access Bank Plc’s (“Access Bank”, “the Issuer” or “the Bank”) ₦30 billion 7-year 15.5% Fixed Rate Subordinated Unsecured Notes (“the Issue” or “the Bond”) credit rating to “Aa-”. The rating of the Bond is a notch lower than Access Bank’s standalone rating of “Aa” issued by Agusto & Co., given its subordinated profile to other senior debt of the Bank.
The rating assigned to the Issuer reflects its strong domestic franchise, healthy capital buffers, good liquidity profile and improving asset quality. Access Bank’s rating is also reflective of its status as the largest bank in the Nigerian banking industry and its growing importance as a significant player in the African financial sector. However, the rating assigned is constrained by the harsh regulatory terrain and prevailing macroeconomic and regulatory headwinds.