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AfDB gets high level rating.
AfDB gets high level rating.
An institution rated ‘AAA’ has an extremely strong capacity to meet its financial commitments. It is the highest issuer credit rating assigned by S&P Global Ratings. The rating institution on Friday June 19, 2020 said the AfDB has a “very strong financial risk profile, a very strong capital adequacy, a strong funding and liquidity, as well as extraordinary shareholder support.” It further said the bank’s governance and management were quite adequate.
The high ratings have been motivated by the $115 billion capital increase that was approved by shareholders in October 2019. Its replenishments at the African Development Fund, the bank’s concessional window didn’t also go unnoticed.
In a statement issued shortly after the rating, the agency said the results raise a lot of hopes in the bank. “The stable outlook reflects our expectation that, over the next two years, AfDB will prudently manage its capital while maintaining solid levels of high quality liquidity assets and robust funding,” it said.
The rating agency also observed in a report that the stability showcased by the bank gives it the leverage to help the continent absorb the economic shock caused by the Coronavirus pandemic.
Reacting to the rating, Akinwumi A. Adesina, President of the bank, said: “We are delighted with and welcome S&P Global’s decision to affirm the Bank’s AAA/A-+ rating. It reflects the bank’s very strong financial position and risk management, as well as our sound governance. We will continue to maintain these standards, with the strong support of all our shareholders, as we deliver much needed financial, knowledge and policy support to our regional member countries during and after this period of the COVID-19 pandemic.”
It should be recalled that Adesina is being probed following pressure from the US, despite an internal audit clearance.
Culled from Cameroon Insider