from ALEXIS DOUMBIA in Abidjan, Ivory Coast
ABIDJAN, (CAJ News) – THE positive rating of the African Development Bank’s (AfDB’s) credit rating by Moody’s validates the strength of the bank’s prudent financial and risk management as well as strong governance systems even in the face of tough challenges imposed by the coronavirus.
This is according to AfDB president, Dr Akinwumi Adesina.
He said the extraordinary support of the bank’s shareholders boosted their capacity to finance African countries.
“We will continue to manage risks and capital requirements adequately to help African countries to build their economies back better and faster, while assuring economic, health and climate resilience,” Adesina assured.
Recently, Moody’s Investor Service affirmed the AfDB’s AAA credit rating, with a stable outlook.
The rating agency stated that an ample liquidity buffer and unfettered access to international capital markets supported the bank’s ability to meet its debt-service obligations.
“Moreover, 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 significant contributions of highly rated non-regional member countries,” Moody’s stated.
The ‘AAA’ rating from Moody’s follows earlier affirmations of the ‘AAA’ rating of the bank, with stable outlook, by the other leading rating agencies, namely Fitch Ratings, Standard and Poor’s Global Ratings and Japan Credit Rating Agency.
– CAJ News