Rating Release

Agusto & Co. upgrades Access Bank Plc.’s ₦15 billion 5-year Fixed Rate Senior Unsecured Green Bond to “Aa” with a stable outlook

The rating expires on 31 December 2023.

Agusto & Co. upgrades Access Bank Plc.’s (“Access Bank” or “the Bank” or “the Issuer”) ₦15 billion 5-year Fixed Rate Senior Unsecured Green Bond (‘the Issue’ or ‘the Bond’) to “Aa”. The assigned rating mirrors the Issuer’s stand-alone rating of ‘Aa’ issued by Agusto & Co., as the Bond ranks parri passu with other senior unsecured obligations of the Bank. Access Bank’s “Aa” rating reflects the Issuer’s status as Nigeria’s largest bank by total assets and contingents, which has upheld a strong refinancing capacity across the local and international debt capital markets. Excluding a strong domestic franchise, the Bank also has a broad geographic spread across Africa through dedicated subsidiaries. The assigned rating also takes into consideration, the Issuer’s good asset quality metrics, good liquidity profile and adequate capitalisation, in addition to a stable and experienced management team. However, the rating is constrained by the harsh regulatory terrain and prevailing macroeconomic headwinds.