Fitch Ratings has assigned Nigeria-based Access Bank’s expected long- and short-term ratings of ‘B (EXP)’ respectively to the bank’s updated $1 bn global medium-term note programme.
The programme’s expected ratings are in line with Access Bank’s Long- and Short-term Issuer Default Ratings (IDRs) of ‘B’ respectively.
According to Fitch Access Bank’s IDRs are driven by both potential support from the sovereign, if required, and standalone creditworthiness as defined by a Viability Rating (VR) of ‘b’.
“While Nigeria’s willingness to support domestic banks remains high its ability to do so is weaker, particularly in foreign currency, due to challenging economic conditions. The bank’s VR reflects an improving company profile, low impaired loans and healthy profitability as well as a tough operating environment