Monday, May 29, 2023
  • HOME
  • MARKETS & COMPANIES
  • BUSINESS & ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • ROAD TRANSPORT
    • SMEs
    • STARTUPS
    • TECH
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • FEATURES
  • AE MAGAZINE
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result
  • Setup menu at Appearance » Menus and assign menu to Main Navigation
Financial Street
No Result
View All Result

S&P Global affirms AfDB’s $115bn AAA rating 

Ehime Alex by Ehime Alex
February 2, 2021
in BUSINESS & ECONOMY, Front Page
0
Green Cluster names AfDB 2020 'Green Champion'
0
SHARES
22
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

READ ALSO

May 25: Why Politics Matters for Africa’s Development

Governance failure kills basic services, says Ezekwesili

Standard & Poor’s has affirmed its ‘AAA/A-1+’ foreign currency issuer credit rating of the African Development Bank with a stable outlook.

This was contained in a statement by the AfDB.

It said, “S&P Global Ratings noted the bank’s $115bn capital increase, approved by its shareholders in October 2019.”

Read Also:

  • May 25: Why Politics Matters for Africa’s Development
    May 25: Why Politics Matters for Africa’s Development

According to the statement, the ratings agency’s outlook reflected the expectation that the AfDB would over the next two years, “prudently manage its capital while maintaining solid levels of high-quality liquidity assets and a robust funding profile. We also assume extraordinary shareholder support to the bank will remain unchanged.”

S&P was further quoted as saying, “Our ratings on AfDB reflect its important role in Africa, marked by a long track record of fulfilling its policy mandate through economic cycles, combined with robust shareholder support. In October 2019, the bank’s shareholders approved its seventh general capital increase (GCI-VII), effectively increasing the bank’s capital base by $115bn…to $208bn.

“We expect the capital increase will enable AfDB to continue expanding its reach, particularly in light of the renewed focus on infrastructure financing and private-sector lending. The bank has already been growing steadily over the years. The bank is in a good position to support increasing mobilization efforts and crowd-in additional private-sector funds.”

Speaking on the development, AfDB’s President, Dr. Akinwumi Adesina, said, “The AAA rating by S&P Global Ratings affirms our prudent financial and risk management at the African Development Bank, and our strong governance systems. We have been able to maintain our high standards despite the tremendous challenges posed by the ongoing COVID-19 pandemic.

“We are grateful for the steadfast and extraordinary support of our shareholders. The bank remains committed to providing African countries with needed financing support to recover from the health crisis and to strongly grow back their economies while managing our risk and capital requirements.”

Tags: AAA ratingAfDBS&P Global affirms

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Ehime Alex

Ehime Alex

Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

Related Posts

May 25: Why Politics Matters for Africa’s Development
Front Page

May 25: Why Politics Matters for Africa’s Development

May 26, 2023
failure
Front Page

Governance failure kills basic services, says Ezekwesili

April 28, 2023
Ezekwesili
Front Page

Oby Ezekwesili: The joys of sacrifice

April 25, 2023
Muslim
Front Page

Obiano felicitates with Muslims, urges unity among Nigerians

April 21, 2023
Journey
CONSUMER PERSPECTIVE

Journey so far

April 12, 2023
Bank
CONSUMER PERSPECTIVE

Are digital banks in Nigeria to stay?

April 12, 2023
Next Post
Veteran journalist, Tony Momoh, dead 

Buhari, Atiku pay tributes to veteran journalist, Tony Momoh 


Naira4Dollar Rates
ADVERTISEMENT

RECENT STORIES

May 25: Why Politics Matters for Africa’s Development

May 25: Why Politics Matters for Africa’s Development

May 26, 2023
economy

Technocracy: Roadmap to successful Nigerian economy

May 19, 2023
failure

Governance failure kills basic services, says Ezekwesili

April 28, 2023
foreign

Eminent Nigerians, foreigners to honour Ezekwesili at birthday symposium

April 26, 2023
Ezekwesili

Oby Ezekwesili: The joys of sacrifice

April 25, 2023
Muslim

Obiano felicitates with Muslims, urges unity among Nigerians

April 21, 2023
Journey

Journey so far

April 12, 2023

TRENDING

  • naira devaluation

    What naira devaluation means for Nigeria’s economy

    0 shares
    Share 0 Tweet 0
  • The world of POS fraudsters

    0 shares
    Share 0 Tweet 0
  • Why Nigerian consumers prefer foreign goods

    0 shares
    Share 0 Tweet 0
  • Why big and small businesses are turning to digital marketing

    5 shares
    Share 5 Tweet 0
  • Issues with PoS business

    0 shares
    Share 0 Tweet 0
Financial Street

© Financial Street 2021. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • HOME
  • MARKETS & COMPANIES
  • BUSINESS & ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • ROAD TRANSPORT
    • SMEs
    • STARTUPS
    • TECH
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • FEATURES
  • AE MAGAZINE
  • CORPORATE RENDEZVOUS