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Moody’s AAA Rating Validates AfDB’s Strength, Says Adesina

President, African Development Bank (AfDB), Dr Akinwumi Adesina, has said that the AAA rating by Moody’s Investors Service validates the strength of the bank’s strong governance systems in spite of the COVID-19 pandemic. Adesina said this in a statement from the bank recently. The AAA is the highest rating possible that may be assigned to an issuer’s bonds by any of the major credit rating agencies.

AAA-rated bonds have a high degree of creditworthiness because their issuers are easily able to meet financial commitments and have the lowest risk of default. 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.’’

Swazi Tshabalala, Acting Senior Vice President, Vice President for Finance and Chief Finance Officer, AfDB, reiterated the backing of the bank’s shareholders and strong financial profile.

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