The sports category has moved to a new website.

Here's how Access Bank Plc is rated after merging with Diamond Bank

Moody's Investors Service ("Moody's") has affirmed Access Bank Plc's long-term local currency deposit rating of B2, long-term foreign currency deposit rating of B3 and long-term issuer ratings of B2.

Access Bank billboard at Nnamdi Azikwe way, FTF Berger Roundabout, Abuja

In a statement made available to Business Insider SSA by Pulse, the ratings firm also placed Access Bank Plc's local currency senior with unsecured rating of B2, local currency national scale deposit ratings of A1.ng/NG-1, foreign currency national scale deposit ratings of A3.ng/NG-2 and national scale senior unsecured rating of A1.ng.

Furthermore, Moody's has affirmed Access' short-term bank deposit ratings, issuer ratings and counterparty risk ratings (CRR) at Not-prime and affirmed the short-term counterparty risk assessment (CRA) at Not-prime(cr).

The outlook on the bank's long-term deposit ratings, long-term issuer ratings and senior unsecured rating was changed to stable from ratings under review.

ADVERTISEMENT

At the same time, Moody's has downgraded Access' baseline credit assessment (BCA) to b3 from b2, its long-term CRRs to B2 from B1, long-term CRA to B2(cr) from B1(cr) and national scale CRRs to Aa3.ng from Aa1.ng. Diamond Bank PLC's (Diamond) BCA was upgraded to b3 from caa3 and all Diamond's ratings have been aligned with the ratings of Access. The outlook on Diamond's long-term deposit and issuer ratings was changed to stable from ratings under review. Diamond's ratings will subsequently be withdrawn.

The new rating was driven by the announcement by Access Bank Plc on March 19 that Diamond's assets, liabilities and undertakings have now been assumed by the bank.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

African countries with the highest divorce rate

African countries with the highest divorce rate

10 African cities with the highest crime index at the start of 2024

10 African cities with the highest crime index at the start of 2024

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Details of Ngina Kenyatta's luxurious restaurant

Details of Ngina Kenyatta's luxurious restaurant

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

ADVERTISEMENT