Agusto & Co. hereby affirms the âA+â rating assigned to Access Bank Plc.âs (âAccess Bankâ, the Issuerâ or âthe Bankâ) â¦30 billion 7-year 15.5% Fixed Rate Subordinated Unsecured Notes (âthe Issueâ or âthe Bondâ) due in 2026.
The rating is a notch lower than Access Bankâs standalone âAa-â rating issued by Agusto & Co. Limited. The Bond is subordinated to other senior debt of the Bank and it is adjudged to offer adequate safety of timely payment of interest and principal.
The rating assigned to the Issuer reflects its status as one of Nigeriaâs largest banks, a stable and experienced management team, improving asset quality profile due to significant write-offs, and good refinancing capacity buoyed by a strong domestic franchise.
However, the rating assigned is constrained by the harsh regulatory environment, the lingering COVID-19 pandemic, and the slowly recovering macroeconomy.
Click hereÂ to see more ratings.