{"id":479547,"date":"2024-07-10T19:13:07","date_gmt":"2024-07-10T19:13:07","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=479547"},"modified":"2024-07-10T19:13:11","modified_gmt":"2024-07-10T19:13:11","slug":"fitch-ratings-confirms-african-development-banks-aaa-rating-with-stable-outlook","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2024\/07\/10\/fitch-ratings-confirms-african-development-banks-aaa-rating-with-stable-outlook\/","title":{"rendered":"Fitch Ratings Confirms African Development Bank&#8217;s &#8216;AAA&#8217; Rating with Stable Outlook"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div>\n<p class=\"wp-block-paragraph\">Fitch Ratings has reaffirmed the African Development Bank (AfDB)&#8217;s Long-Term Issuer Default Rating (IDR) at &#8216;AAA&#8217;, maintaining a stable outlook. Detailed rating actions can be found at the conclusion of this commentary.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Support from Non-Regional Shareholders Crucial for &#8216;AAA&#8217; Rating: The AfDB&#8217;s top-tier rating benefits significantly from robust support by its non-regional shareholders, rated &#8216;aaa&#8217;. Their strong inclination to support the bank results in a zero-notch adjustment in our support capacity assessment. This support is complemented by the bank&#8217;s Standalone Credit Profile (SCP), which has been upgraded to &#8216;aa+&#8217; from &#8216;aa&#8217;, reflecting expectations of improved capital ratios in the medium term. The liquidity is also rated &#8216;aaa&#8217;.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Risk Reduction Measures by AfDB: By the end of 2023, the AfDB implemented various measures, including a risk transfer mechanism (&#8220;Room2Run&#8221;) that covered UA1.5 billion of sovereign loans in 2022. This improved the average credit quality of AfDB&#8217;s loan portfolio by approximately one notch, though sovereign downgrades in countries such as Egypt (B-\/Positive), Kenya (B\/Negative), Nigeria (B-\/Positive), and Tunisia (CCC-) moderated this improvement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Impact of US Downgrade on AfDB&#8217;s Ratings: In August 2023, Fitch downgraded the US&#8217;s Long-Term IDR to &#8216;AA+&#8217;\/Stable. As AfDB&#8217;s second-largest shareholder, this downgrade affected the coverage of net debt by &#8216;AAA&#8217; rated callable capital, decreasing it from 217% at the end of 2022 to 127% by the end of 2023. However, AfDB&#8217;s callable capital is expected to remain adequate to cover its net debt, supported by a significant increase in callable capital approved by the board of governors in May 2024.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Enhanced Capitalization: AfDB&#8217;s capitalization metrics improved markedly in 2023 due to capital inflows from the seventh general capital increase (GCI), enhancing the equity to assets (E\/A) ratio to 28% by the end of 2023. Fitch anticipates the bank will maintain its E\/A ratio above 25% and its capital-to-risk-weighted assets (FRA) ratio above 35%, thresholds for &#8216;Excellent&#8217;, supporting the upgrade of our capital assessment to &#8216;Excellent&#8217;.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">High Credit Risks Offset: AfDB has managed high credit risks by maintaining a weighted average rating of &#8216;B+&#8217; for its loans and guarantees before adjustments for preferred credit status (PCS). The bank&#8217;s PCS reflects a strong track record of sovereign loan performance, enhancing the weighted average credit quality of the bank&#8217;s portfolio by two notches to &#8216;BB&#8217;.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Limited Other Solvency Risks: Fitch views the bank&#8217;s risk management policies as &#8216;excellent&#8217;, comparable to its peers, with low concentration risks aided by exchange exposure agreements with other multilateral development banks. The bank&#8217;s liquidity profile remains &#8216;excellent&#8217;, with high-quality liquid assets and reliable access to capital markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Medium-Risk Business Environment: AfDB operates in a &#8216;medium risk&#8217; business environment, balanced by a &#8216;low risk&#8217; business profile and a &#8216;high risk&#8217; operational setting due to the lower ratings and high political risks in its member countries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rating Downgrade and Upgrade Scenarios: Factors that could lead to a downgrade include a drop in net debt coverage by &#8216;AAA&#8217; rated callable capital below 100% or a substantial weakening in the bank&#8217;s solvency assessment. Since the ratings are already at the highest level of &#8216;AAA&#8217;, an upgrade is not possible.<\/p>\n<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Fitch Ratings has reaffirmed the African Development Bank (AfDB)&#8217;s Long-Term Issuer Default Rating (IDR) at &#8216;AAA&#8217;, maintaining a stable outlook. Detailed rating actions can be found at the conclusion of this commentary. Support from Non-Regional Shareholders Crucial for &#8216;AAA&#8217; Rating: The AfDB&#8217;s top-tier rating benefits significantly from robust support by its non-regional shareholders, rated &#8216;aaa&#8217;.<\/p>\n","protected":false},"author":527180,"featured_media":479548,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12591,12008],"tags":[3546],"class_list":["post-479547","post","type-post","status-publish","format-aside","has-post-thumbnail","category-feature","category-stock-exchanges","tag-fitch-ratings","post_format-post-format-aside","pmpro-has-access"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fitch Ratings Confirms African Development Bank&#039;s &#039;AAA&#039; Rating with Stable Outlook - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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