Sign In or Register | Sunday, October 17, 2021
AfricaTeam,   7/22/2021 4:45:02 PM Add AfricaTeam as a Friend   |  Send Message
Africa See Profile
Fitch Affirms Triple A-Rating Of The African Development Bank, Outlook Stable

 Fitch said the triple-A rating was driven by the ‘extraordinary support’ of the Bank’s shareholders
 
ABIDJAN, Ivory Coast, July 22, 2021/ -- Global credit rating agency Fitch Ratings has affirmed the African Development Bank’s (www.AfDB.org) credit rating at ‘AAA’, with a stable outlook.

Fitch said the triple-A rating was driven by the ‘extraordinary support’ of the Bank’s shareholders.

Fitch views the Bank’s risk-management policies as ‘conservative’ and assesses them as ‘excellent’, in line with AAA-rated peers. “Concentration risk is 'low', with the bank’s five largest exposures accounting for 32% of total banking portfolio at end-2020.”

Bajabulile “Swazi” Tshabalala, Vice President for Finance and Chief Finance Officer of the African Development Bank, said: “The affirmation of the Bank’s triple-A ratings by Fitch, recognizes the very strong shareholder support our institution benefits from, as well as its strong capitalization and risk management capabilities. The affirmation also speaks to the importance of the Bank’s public policy mandate, particularly during these very challenging times.”

 

The global ratings agency assesses the Bank’s overall exposure to risks as “'Low', balancing 'Moderate' credit risk with 'Excellent' risk management policies, 'Low' concentration, and 'Very Low' equity and market risks.”

Responding to the Fitch ratings report, African Development Bank Group President Dr. Akinwumi A. Adesina said: “The African Development Bank welcomes the affirmation of the Bank’s ‘AAA’ rating, with a stable outlook, despite enormous challenges posed by Covid-19. The Bank will continue to enhance its policy and fiscal relevance in support of regional member countries, as they contend with the global and regional repercussions of the pandemic. While helping African economies reposition their economies in a Covid-19 environment, we will also maintain our prudential ratios and adequate buffers.”

 

The African Development Bank was recognized by Global Capital in 2020, for its highly successful $3 billion Fight Covid-19 social bond, one of the Bank’s many initiatives to alleviate the impact of the pandemic on African lives and economies
Distributed by APO Group on behalf of African Development Bank Group (AfDB).


Media Contact:

Gershwin Wanneburg
Communication and External Relations Department
African Development Bank
Email: g.wanneburg@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states.

 

 

For more information: www.AfDB.org
SOURCE
African Development Bank Group (AfDB)

 

Bookmark and Share Email Email to Friends Print Print
0
 
Facebook Twitter YouTube Instagram Linkedin African Music
Push
Post a New Story from your Account, then Vote for it Here by clicking Push



Most Popular
Latest Forums
Latest Polls
Links
Tags
    Nigeria    Kenya    
South Africa    Ghana    
Egypt    Ethiopia    Zimbabwe    Uganda    Africa    
Tanzania    Kenya a Hot bed of Investments    Test    Pope Francis On Safari In Kenya    Malawi    The 28th African/Caribbean International Festival of Life (IFOL) in Conjunction with The 5th Annual Jerk    Sudan    The 2nd Pan-African Cultural Festival Photos    Tunisia    2010 World Cup Draw: Which Country Has the Hottest Fans?    
Site Map | Help | Send Feedback | Contact us | User Agreement | Privacy | About us
Copyright © 2020-2022 "Africa Updates" All rights reserved