By Modupe Gbadeyanka
Notable Nigerian rating firm, Agusto & Co, has upgraded the rating of a leading financial institution in the country, Access Bank, to Aa- from A+.
The rating agency carried out a review of its rating on the lender after its former rating expired on Friday, June 30, 2017.
In its latest review, Agusto & Co raised the bank’s rating to Aa-with a stable outlook.
Explaining, the rating agency said the upgrade reflects Access Bank’s strong financial profile, resilient profitability levels and solid capital position.
It noted that the lender remains an institution of very good financial condition and strong capacity to meet its obligations, pointing out that the rating is further supported by the bank’s strong domestic presence supported by extensive branch network, good liquidity profile as well as experience and skill of its management team.
Commenting, the Group Managing Director/CEO of Access Bank Plc, Mr Herbert Wigwe, noted that, “The rating only goes to confirm our consistency over the years in delivering superior value to our stakeholders in line with our vision to be the world’s most respected African bank.
“The upgrade in the bank’s outlook reflects our commitment to the core values of innovation, professionalism and devotion to excellence in our operations and service delivery.”
