The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, said on Saturday the multilateral lender’s AAA rating by Moody’s Investors Service validated the strength of its governance systems despite the COVID-19 pandemic.
Adesina stated this in a statement issued by the bank in Abidjan, Ivory Coast.
Adesina said: “The AAA rating by Moody’s validates the strength of the Bank’s prudent financial and risk management and strong governance systems even in the face of tough challenges imposed by the COVID-19 pandemic.
“The extraordinary support of the bank’s shareholders boosts our capacity to finance African countries.
“We will continue to manage risks and capital requirements adequately to help African countries to build their economies back, better and faster, while assuring economic, health, and climate resilience.’’
The AfDB Acting Senior Vice President, Swazi Tshabalala, reiterated the backing of the bank’s shareholders and strong financial profile.
“AfDB is rated triple-A with stable outlook by all the major international rating agencies,” the official added.
The AAA is the highest rating possible that may be assigned to an issuer’s bonds by any of the major credit rating agencies.
The United States-based business and financial services company had affirmed AfDB’s AAA credit rating with a stable outlook in an annual credit analysis dated October 27.
It said: “The credit profile of the African Development Bank (AfDB) is supported by the bank’s robust capital buffers and superior risk management, which mitigate risks.
“An ample liquidity buffer and unfettered access to international capital markets also support its ability to meet its debt-service obligations.
“Moreover, the bank has a long track record of being the premier development institution in Africa and benefits from shareholders’ ability and willingness to support its development objectives, exemplified by the significant contributions of highly rated non-regional member countries.’’
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURES: Rise in Monkeypox infection troubling Nigeria’s rural population
In this features, KELECHUKWU IRUOMA goes into the rural communities of Bayelsa State, south-south Nigeria to uncover the plight of...
SPECIAL REPORT: Kwara communities groan as erosion washes away roads, property
For a number of years communities in Ilorin South LGA of Kwara State have had to live with the menace...
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...