Fitch gives Access Bank BBB- ratings

FITCH Ratings- a global rating agency dedicated to providing value beyond rating through objective and balanced credit opinions, has assigned Access Bank Plc a BBB-(nga) National Long-term rating and F3 (nga) National Short-term rating on Rating Watch Positive (RWP).The rating action follows the banks 28th March, 2011 announcement of its execution of a memorandum of understanding (MOU) to enter into business combination with Intercontinental Bank Plc, as well as discussions between Fitch and Access Bank Plc regarding the potential impact of the business combination.Prior to the conclusion of the transaction, Fitch understands that the Asset Management Corporation of Nigeria (AMCON) will acquire all of the non-performing loans within Intercontinental Bank and will recapitalise the bank to a net asset value of zero.Intercontinental Bank has a large deposit franchise, supported by a branch infrastructure of about 360 branches at the end of December 2010.Fitch is of the opinion that the business combination with Intercontinental Bank will support Access Banks developing franchise and enhance its systemic importance.
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