S&P rates Access Bank notes B

Standard & Poor's said it assigned its B long-term issue rating to the Access Bank plc's $400 million resettable unsecured subordinated notes issued under the bank's $1 billion global medium-term note program.

The agency rated the subordinated notes two notches below the long-term counterparty credit rating on the issuer, Access Bank, owing to the subordination of the notes to the bank's unsecured senior obligations.

S&P said the ratings are supported by the bank's position as one of the top five banks in Nigeria, its high systemic importance and the opinion that the bank is well positioned to compete with the leading banks in Nigeria's competitive banking sector.

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