The financial rating agency S&P Global Ratings has affirmed the "AAA/A-1+" short and long-term credit rating assigned to the African Development Bank (AfDB), with a stable outlook, indicates a press release transmitted Monday at the AIP.

The rating agency positively assessed on Friday the Bank's risk profile, the adequacy of its capital, the solidity of its financing strategy and its level of liquidity, the very strong support of its shareholders as well as the adequacy of its governance and management system.

"We therefore confirm the 'AAA' rating of the African Development Bank's long-term debt," said S&P Global, which highlighted the Bank's historic $115 billion capital increase that shareholders approved. in October 2019 as well as the replenishment of the African Development Fund (ADF), the Bank Group’s concessional lending window in December 2019.

“The stable rating outlook reflects our expectation that, over the next two years, the African Development Bank will manage its capital prudently, while maintaining a high level of liquidity matched by a quality investment portfolio, and pursuing a strong funding strategy,” the statement read.

The agency predicts that "shareholders will continue to provide support by paying their capital contributions to the Bank according to the established timetable", and that the Bank "will continue to benefit from the treatment accorded to preferential creditors and to manage the growth of lending to the private sector in a manner consistent with its mandate. »

According to S&P Global Ratings, “The African Development Bank will play a key role in supporting the region, particularly in the context created by the Covid-19 pandemic. The financial institution has approved emergency assistance of up to $10 billion in 2020, of which $6.9 billion will be financed directly by the Bank and the rest through its concessional window”.

“We welcome the decision taken by S&P Global Ratings to reaffirm the Bank's AAA/A-1+ rating. This decision reflects the institution's great financial solidity, its prudential risk management and the quality of its governance, said AfDB President Akinwumi Adesina.