Moody’s affirms AfDB’s rating
News
By
Wainaina Wambu
| Nov 16, 2020
Global ratings agency Moody’s Investor Service has affirmed the African Development Bank’s (AfDB’s) AAA credit rating, with a stable outlook.
In an annual credit analysis, Moodys said AfDB’s credit profile is supported by robust capital buffers and superior risk management, which mitigate risks.
“An ample liquidity buffer and unfettered access to international capital markets also support its ability to meet its debt-service obligations,” said the ratings agency.
“The bank has a long track record of being the premier development institution in Africa and benefits from shareholders’ ability and willingness to support its development objectives, exemplified by the contributions of highly rated non-regional member countries.”
AfDB President Akinwumi Adesina said the AAA rating by Moody’s validated the strength of the bank’s prudent financial and risk management and strong governance systems in the face of challenges imposed by Covid-19.
READ MORE
Kenya eyes more investments ahead of Korea-Africa summit
International conferences led to growth in tourism sector in 2023
Parliament told to investigate AI firm working conditions
Kenya Kwanza unapolegetically abandons BETA, moves on quietly
Sugarcane stakeholders mull over pricing committee
Too easy to tax: Why motorists are an easy target for Treasury
US, China set to compete over Kenya's crucial transport artery
Farmers split over return of Coffee Board of Kenya
Kenyan entrepreneur revolutionises agriculture with innovative practices
He said the extraordinary support of the bank’s shareholders boosts its capacity to finance African countries. “We will continue to manage risks and capital requirements adequately to help African countries to build their economies back,” he noted.
- Kenya Kwanza unapolegetically abandons BETA, moves on quietly
- Parliament told to investigate AI firm working conditions
- Black market to thrive as Ruto tax plan suffers blow