Moody's Assigns Provisional Ratings to the GMTN Programme of Access Bank Plc

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Tuesday, September 14, 2021 / 03:54 PM / By Moody's Investors Service / Header Image Credit: International Banker

 

Moody's Investors Service ("Moody's") has today assigned the following provisional ratings to the USD1.5 billion Global Medium-Term Note (GMTN) programme of Access Bank Plc (Access Bank): (P)B2 / (P)Not-Prime long-term and short-term local currency and foreign currency senior unsecured rating.


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Ratings Rationale 

The (P)B2 rating assigned to the senior unsecured class of notes of the GMTN programme is aligned with Access Bank's B2 long-term deposit rating. The rating incorporates the fact that the senior unsecured notes issued under the GMTN programme will (1) be direct, unconditional, unsubordinated, and unsecured obligations of the bank and (2) rank pari passu with all other present and future unsubordinated and unsecured obligations of the bank.

 

Under the programme, Access Bank may issue notes up to a maximum aggregate amount of USD1.5 billion. As Moody's issues provisional ratings in advance of the final issuance under the program, these ratings only represent Moody's preliminary credit opinion. Moody's will endeavour to assign definitive ratings to actual issuances from the GMTN program. A definitive rating may differ from a provisional rating if the terms and conditions of the issuance are materially different from those of the programme reviewed.

 

Factors That Could Lead to an Upgrade or Downgrade of the Ratings 

The ratings of the programme will move in tandem with Access Bank's Adjusted BCA.

 

Upwards pressure on Access Bank's long-term ratings is limited given the negative outlook. A stabilisation of the outlook on the sovereign rating to stable from negative could lead to a stabilisation of the outlook on the bank's ratings.

 

Downward pressure on Access Bank's ratings could develop from a combination of: (1) a weakening in the government's capacity to provide support, as would be indicated by a downgrade of the rating of the government of Nigeria; and/or (2) a material deterioration in the operating environment in Nigeria, and/or (3) a material deterioration in the bank's asset quality or capitalisation.


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List of Affected Ratings

...Issuer: Access Bank Plc

 

Assignments:

...Senior Unsecured Medium-Term Note Program, Assigned (P)B2

...Other Short Term, Assigned (P)NP

 

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