Moody’s affirms AfDB’s AAA credit rating
Moody’s Investors Service has affirmed the African Development Bank’s (AfDB’s) AAA credit rating, with a stable outlook.
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 the Japan Credit Rating Agency.
According to Moody’s, the credit profile of the AfDB is supported by the bank’s robust capital buffers and superior risk management, which mitigates risks.
“An ample liquidity buffer and unfettered access to international capital markets also support its ability to meet its debt-service obligations.
"Moreover, the bank has a long 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,” states Moody’s.
AfDB president Dr Akinwumi Adesina says the AAA rating by Moody’s validates the strength of the bank’s prudent financial and risk management and strong governance systems even in the face of tough challenges imposed by the Covid-19 pandemic.
“The extraordinary support of the bank’s shareholders boosts our capacity to finance African countries.”
He adds that the AfDB 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.
AfDB acting senior VP, finance VP and CFO Swazi Tshabalala says that, thanks to the solid backing of its shareholders and strong financial profile, the bank is rated triple-A with a stable outlook by all the major international rating agencies.
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