Moody’s Investor Service has confirmed the AAA credit rating of the African Development Bank, with a stable outlook.
“The credit profile of African Development Bank (AfDB) is supported by the bank’s robust capital buffers and excellent risk management, which reduces risk,” Moody’s Investor Service said in an annual credit analysis of 27 October 2020.
Moody’s added: “Adequate liquidity buffer and unrestricted access to international capital markets also support its ability to meet its debt service obligations. The bank also has a long history of being the leading development institution in Africa and benefits from the ability of shareholders and willingness to support its development objectives, illustrated by the significant contributions of highly regarded non-regional member states. ‘
Dr. Akinwumi Adesina, President of the African Development Bank, said: “The AAA rating by Moody’s confirms the strength of the Bank’s prudent financial and risk management and strong management systems, even if it is hampered by the Covid-19 pandemic. The extraordinary support from the Bank’s shareholders increases our ability to finance African countries, and we will continue to adequately manage risks and capital requirements to help African countries rebuild their economies better and faster, while maintaining the resilience of the economy, health and climate. “
Swazi Tshabalala, Acting Senior Vice President, Vice President of Finance and Chief Financial Officer at the African Development Bank, said: ‘Thanks to the solid support of its shareholders and a strong financial profile, the African Development Bank is rated as three-A with stable prospects by all the major international rating agencies “.
Moody’s ‘AAA’ rating follows earlier confirmations of the Bank’s ‘AAA’ rating, with stable outlook, by the other leading rating agencies, namely Fitch Ratings, Standard and Poor’s Global Ratings and the Japan Credit Rating Agency.
Contact:
Nafissatou N’diaye Diouf, Director-Director of Communications and External Relations, African Development Bank, Email: n.diouf@afdb.org