Agusto & Co. upgrades the foreign currency rating of AFC to ‘Aa’ with a stable outlook.

Agusto & Co. upgrades the foreign currency rating of AFC to ‘Aa’ with a stable outlook.

Rating Release

Agusto & Co. upgrades the foreign currency rating of AFC to ‘Aa’ with a stable outlook.

 The rating expires on 30 June 2022.

Agusto & Co. hereby assigns the ‘Aa’ (foreign currency), ‘S2’ (short-term foreign currency) and ‘Aaa’ (national) ratings to the Africa Finance Corporation. The ratings are hinged on the Corporation’s good asset quality, strong risk management framework, sustainable earnings, strong capitalisation, good liquidity and low leverage. The ratings also reflect the Corporation’s role in supporting Africa’s infrastructure development and the privileges it enjoys from its 32 member states, such as preferential access to foreign currency and preferred creditor status. These privileges help mitigate the foreign exchange and credit risks faced by the Corporation. However, the rating is constrained by the Corporation’s exposure to African countries which are vulnerable to political risks and are contending with significant economic risks as a result of the pandemic.

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.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria
WSTC Financial Services Limited Bbb+ Mar 31 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria