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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. (Image source: Adobe Stock Image)

Global credit rating agency Fitch Ratings has affirmed the African Development Bank’s (AfDB) credit rating at ‘AAA’, with a stable outlook

Fitch views the Bank’s risk-management policies as ‘conservative’ and assesses them as ‘excellent’, in line with AAA-rated peers. Fitch said the triple-A rating was driven by the ‘extraordinary support’ of the Bank’s shareholders.

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, recognises the very strong shareholder support our institution benefits from, as well as its strong capitalisation 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.”

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