March 12, 2025/GCR Ratings
GCR Ratings (GCR) has assigned an indicative long-term issue rating of AA(NG)(IR) to Access Bank Plc’s proposed N125bn Series 1 Fixed Rate Senior Unsecured Bonds, with Stable outlook. The indicative rating will expire on September 30, 2025 or earlier, on the date of the issuance of the proposed bond.
| Rated Issue | Rating class | Rating scale | Rating | Outlook | IR Expiry Date |
| Access Bank Plc N125 billion Series 1 Fixed Rate Senior Unsecured Bonds | Long-term issue | National | AA(NG)(IR)* | Stable | 30/09/2025 |
*An ‘IR’ suffix denotes an Indicative Rating to indicate that a credit rating has been accorded based on review of final draft documentation and expectations regarding final documentation. The Indicative Rating is expected to convert to a final credit rating subject to the receipt of final documentation that is in line with GCR’s expectations. Typically, this suffix will be used when awaiting the finalisation of notes for a debt or program issuance. In this case, once the final documents are available, the IR suffix may be removed. We expect the rating to convert upon regulatory approval, within the next 180 days.
Rating Rationale
The issuer, Access Bank Plc, is Nigeria’s largest bank by assets, with operations in key markets across Africa, Europe, and Asia. GCR recently assigned the issuer national-scale long-term ratings of AA(NG) and A1+(NG), respectively, reflecting Access’s competitive strengths, well-established ability to acquire funding via local and international financiers, and good asset quality.
Access is in the process of registering a N600bn Debt and Hybrid Instruments Programme (the Programme) with the Securities and Exchange Commission. N125bn is expected to be issued in Series 1 under the Programme, with a tenor of two years. The bonds shall constitute direct, unconditional, senior, unsecured, and unsubordinated indebtedness of the issuer, ranking pari passu with all other unsecured obligations assumed by the issuer.
The bonds are senior unsecured, thus bearing the same default risk as the issuer and reflecting similar recovery prospects to senior unsecured creditors in the event of default. As such, the long-term rating of the bonds is equivalent to the issuer’s long-term rating. That said, any change in the rating of the issuer will directly impact the rating of the bonds.
Ratings history
Access Bank Plc N125bn Series 1 Fixed Rate Senior Unsecured Bonds
| Rating Class | Review | Rating Scale | Rating | Outlook | Date |
| Long-term issue | Initial/Last | NA | NA | NA | NA |
