Ratings agency S&P Global has affirmed African Development Bank’s AAA ratings

By Business Reporter 

Ratings agency S&P Global has affirmed its Triple foreign currency issuer credit rating of the African Development Bank with a stable outlook.

The ratings agency says its outlook reflects the expectation that the African Development Bank (AfDB) will, over the next two years, “prudently manage its capital while maintaining solid levels of high-quality liquidity assets and a robust funding profile.

In a letter, dated 29 January 2021, S&P Global Ratings notes the Bank’s $115 billion capital increase, approved by its shareholders in October 2019.

African Development Bank President Dr. Akinwumi Adesina says the triple A rating by S&P Global Ratings affirms their prudent financial and risk management and their strong governance systems that have withstood the tremendous challenges posed by the ongoing COVID-19 pandemic.

He adds that the Bank remains committed to providing African countries with needed financing support to recover from the health crisis and to strongly grow back their economies, while managing risk and capital requirements.