Agusto & Co. affirms the “Aaa” (NGA), “Aa” and S2 ratings assigned to Africa Finance Corporation, with a stable outlook

Rating Category: Sovereigns & Supranationals

Agusto & Co. affirms the “Aaa” (NGA), “Aa” and S2 ratings assigned to Africa Finance Corporation, with a stable outlook

Rating Release

Agusto & Co. affirms the “Aaa” (NGA), “Aa” (foreign currency) and S2 (short-term foreign currency) ratings assigned to Africa Finance Corporation, with a stable outlook

The rating expires on 30 June 2023.

The ratings assigned to Africa Finance Corporation (“AFC” or the “Corporation”) reflect its developmental role in bridging Africa’s infrastructural gap and the preferred creditor status held in 37 African countries. The ratings also recognise AFC’s resilience in the face of the harsh operating climate prevailing in most African countries. This is reflected in AFC’s good asset quality upheld by its conservative risk management framework, strong capitalisation, good profitability and strong liquidity profile.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.
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Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Citihomes Finance Company Limited SR3 Nov 24 , 2023 Stable Nigeria
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Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
North South Power Company Limited A- Jun 30 , 2023 Stable Nigeria
African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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