Fitch: Access Bank notes B

Fitch Ratings said it assigned a B rating to Access Bank plc's issue of $300 million 10½% senior unsecured notes due 2021.

The recovery rating is RR4, indicating average recovery prospects in a default, Fitch said.

The notes were issued under the bank's $1 billion global medium-term note program.

Part of the new notes issued were pursuant to the company’s exchange offer on its existing $350 million 7¼% of senior unsecured notes due 2017 issued by special purpose vehicle Access Finance BV.

Fitch also said it assigned final long- and short-term ratings of B to the $1 billion guaranteed medium-term notes program following a review of the final documentation.

The senior unsecured notes are rated in line with the company’s long-term issuer default rating of B.

The issuer default rating is driven by both potential support from the Nigerian authorities, if required, Fitch said, and the bank's standalone creditworthiness defined by a viability rating of B.

The rating on the senior unsecured notes is sensitive to a change in the company’s issuer default rating, including a lower propensity and ability of the Nigerian sovereign to provide support, particularly in foreign currency, the agency said.

The ratings also are sensitive to deterioration in the bank's regulatory capital ratios, asset quality or liquidity, Fitch added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.