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 2024.

 The ratings assigned to Africa Finance Corporation (“AFC” or the “Corporation”) reflect its role as a multilateral development financial institution in Africa with a preferred creditor status in 40 African countries, which supports its operations in bridging infrastructure gaps in the continent. The ratings also reflect the Corporation’s good asset quality upheld by its conservative risk management framework, the combined experience of its Board members, good capitalisation with increasing capital due to an ongoing rights issue and private placements, good profitability and strong liquidity profile. AFC’s resilience in the face of the difficult operating climate and heightened political risks in most African countries have also been factored into the rating.