Global rating agency Fitch Ratings has affirmed that Access Bank Plc has sufficient foreign currency liquidity to meet its upcoming $1bn external debt obligations due later in 2026.
Fitch maintained the bank’s Long-Term Issuer Default Rating at ‘B’ with a Stable Outlook, despite growing concerns around Nigeria’s tight liquidity environment and macroeconomic pressures.
The bank is expected to repay two major foreign currency obligations in the third quarter of 2026 — a $500m senior unsecured Eurobond maturing in September and another $500m Additional Tier 1 Eurobond callable in October.
“Fitch believes that the bank’s foreign currency liquidity is sufficient to meet the upcoming repayments,” a senior Fitch credit analyst stated.
According to the agency, Access Bank’s expanding international operations and diversified cross-border assets have strengthened its ability to withstand external financial shocks.
Fitch also highlighted the bank’s 2025 acquisition of Mauritius-based AfrAsia Bank Limited as a key factor boosting its balance sheet strength and improving its operating environment.
“The acquisition and consolidation of Mauritius-based AfrAsia Bank Limited in 2025 have improved our assessment of Access Bank’s operating environment, adding a large amount of investment-grade assets to its balance sheet,” the analyst added.
Despite the positive outlook on liquidity, Fitch noted that Access Bank’s standalone Capital Adequacy Ratio stood at 17.4 per cent in the first quarter of 2026, slightly above the 15 per cent regulatory minimum requirement.
Analysts say redeeming the $500m debt instruments could temporarily weaken the bank’s core capital position because the obligations are still being accounted for at pre-naira devaluation exchange rates.
“A redemption will reduce core capital because these notes are currently accounted for at a pre-devaluation exchange rate,” an investment banking strategist explained.
However, the bank is already taking steps to strengthen its capital base through additional tier-two capital raising, internal capital generation, and planned minority stake sales in some foreign subsidiaries.
Fitch further disclosed that Access Bank’s asset quality remained stable, with its impaired loan ratio unchanged at three per cent by the end of 2025.
The agency also noted that the bank’s exposure to the oil and gas sector accounted for only nine per cent of gross loans, lower than many of its domestic competitors.
