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).

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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.

Access Bank CEO, Herbert Wigwe, Diamond Bank CEO, Uzoma  Dozie and other top management at a World Press Conference, December 19, 2018.
Access Bank CEO, Herbert Wigwe, Diamond Bank CEO, Uzoma Dozie and other top management at a World Press Conference, December 19, 2018.

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 Diamond's ratings will subsequently be withdrawn.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.