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    Billionaire businessman Aminu Alhassan Dantata dies at 94

    Billionaire businessman Aminu Alhassan Dantata dies at 94

    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

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    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

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    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

    Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

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    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

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    BITCOIN hits $103,000 for the first time

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    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

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    How Donald Trump won the 2024 U.S Presidential Election

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    New hope for Naira fixed income savers?

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Fitch affirms African Development Bank at Tripple A rating; with Stable Outlook

Tuesday, 21 July 2020, 1:33 pm
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AFDB Approved $288.5 million Loan for Nigeria
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Fitch Ratings, the global credit rating agency on Tuesday 21 July 2020, affirmed the African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) at ‘AAA’, with stable outlook. According to the publication by Fitch, this rating action replaces the version published on Monday, 20 July 2020.

According to the rating agency, “AfDB’s ‘AAA’ rating is driven by the extraordinary support it receives from its shareholders, which Fitch assesses at ‘aaa’.”

Fitch Ratings assessed “the Bank’s liquidity profile at ‘aaa’, reflecting an ‘excellent’ liquidity buffer and quality of liquid assets”, while “the bank’s capitalization is judged strong reflecting strong equity-to-assets ratio”.

Fitch’s projection assumed that the bank’s subscribed capital will increase by 125% from 2021 as per AfDB’s 7th General Capital Increase (GCI) plan approved in October 2019. Fitch expects “that all non-regional shareholders will make their first payments before October 2021, as otherwise they would face the risk of their shares being forfeited.”

In addition, Fitch’s projections assumed growth in lending operations by 8% yoy on average for AfDB. This factors in a significant increase in loan disbursement, especially in 2020, as the bank provides emergency support to its borrowers facing the COVID 19 crisis.

In April 2020, the Bank’s Board of Directors approved a group-wide up to $10 billion COVID-19 Response Facility to be made available to current borrowers (USD5.50 billion for the bank’s sovereign borrowers, USD1.35 billion for private sector borrowers, and the remaining USD3.10 billion for operations in countries under African Development Fund) to ease the economic impact of the COVID-19 crisis.

  • Read more; AfDB gives $1.2 million for Ethiopia
  • AFDB Approved $288.5 million Loan for Nigeria

Following Covid-19 pandemic, Eight countries which accounts for 29% of AfDB loan portfolio has been downgraded by Fitch since March while, Negative Outlooks were assigned to seven sovereign ratings, which account for a further 27% of the bank’s loans.

Thus, due to the deteriorating credit facility of the bank, the rating agency revised its solvency assessment to ‘aa-‘ from ‘aa’ previously assigned.

However, Fitch “assesses AfDB’s overall risks as ‘low’, balancing the ‘moderate’ credit risk profile against ‘low’ concentration risk, ‘very low’ equity and market risks and an ‘excellent’ risk management framework.”

AfDB Non-performing loans (NPL) has been on the increase. The bank’s NPL was 2.6% of gross loans in 2018, however it rose to 3% in 2019 and 3.2% as of May 2020, with the increase driven by non-sovereign NPLs. Fitch expects the NPL to remain within a ‘moderate’ range (3%-6%), the rating agency also expects no new sovereign borrowers in default with the bank.

  • Read also; DMO releases FGN Bonds Issuance Calendar for third quarter 2020
  • Unilever Nigeria Plc endures N1.63 billion loss between April – June 2020

Commenting on the development, Dr. Akinwumi Adesina, President of the African Development Bank said, “We are delighted with the affirmation of the ‘AAA’ rating of the Bank, with a stable outlook, by Fitch Ratings, despite the global and regional economic challenges from the COVID-19 pandemic. We will continue to strengthen our policy relevance to support regional member countries, especially during and after the period of COVID-19, while ensuring that we maintain our prudential ratios with adequate buffers”.

“The Bank will continue to apply strong risk management. We are positive that African countries’ economies will recover as the pandemic subsides and Africa returns to a positive GDP growth trajectory,” Adesina added.

Written by;

Ifunanya Ikueze

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