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By Adedapo Adesanya
GCR Scores (GCR) has affirmed Afreximbank’s worldwide scale lengthy and short-term issuer rankings of A and A2, respectively, whereas Japan’s Credit score Ranking Company Restricted (JCR) additionally affirmed the financial institution’s Lengthy-Time period Issuer Ranking at A- with secure outlook.
On its half, GCR cited its evaluation of the lender’s sturdy Most well-liked Creditor Remedy (PCT) monitor file in its member international locations, in addition to the financial institution’s rising systemic relevance to the continent.
The rankings additionally replicate Afreximbank’s sturdy capitalisation, sound threat place and sturdy liquidity.
Additional to GCR’s rankings, JCR has additionally affirmed the financial institution’s Lengthy-Time period Issuer Ranking at A- with “Steady” outlook, based mostly on the financial institution’s confirmed capability to lift capital from its member states and its counter-cyclical position in supporting member international locations when financial situations are most difficult.
Talking on this, the President of Afreximbank, Mr Benedict Oramah, mentioned, “I’m delighted by each GCR and JCR’s affirmation of our sturdy credit score rankings and outlook.
“These function validations of Afreximbank’s thought of, cautious strategy to supporting our member states and the broader African continent, and our dedication to see Africa industrialised whereas enabling commerce of excessive worth items and companies amongst African States.”
The rankings affirmations are a considerably constructive occasion for the financial institution, supporting its continued growth work by enabling it to leverage competitively priced worldwide finance into the continent in addition to deploying unfunded devices to speed up industrialisation and commerce.
Furthermore, the rankings affirmations are significantly pivotal this present day, when Afreximbank’s member states require centered and sustained help to navigate a particularly difficult macro-economic atmosphere and capitalise on the alternatives introduced by the just lately operationalised AfCFTA.
On his half, Afreximbank Group Treasurer & Director of Treasury and Markets, Mr Chandi Mwenebungu, mentioned, “The GCR and JCR rankings are a robust testomony to Afreximbank’s growth mandate on the continent.
“We’re dedicated to persevering with to construct a strong platform to deepen our partnership with shoppers and member states, to ship sustainable progress and growth.
“This score proves our threat self-discipline and continues to point out that our capital and liquidity is powerful. As we embrace the long run, we stay poised to chart a path of progress and prosperity for the continent.”
In justifying its rankings affirmation, GCR famous Afreximbank’s threat place as rankings constructive, buttressed by Non-Performing Loans (NPLs) that examine favourably to rated friends and additional cited the financial institution’s mortgage ebook as exhibiting sturdy restoration fundamentals.
GCR’s evaluation confirms the energy of Afreximbank’s file in de-risking its lending portfolio by revolutionary and astute steadiness sheet administration, which embody the deployment of structured finance fashions, using high-quality collateral, and leveraging credit score threat insurance coverage from minimal “A” rated insurers.
JCR additionally famous Afreximbank’s necessary position in advancing varied strategic initiatives in collaboration with the African Union (AU), and the sturdy help of its shareholders for the financial institution’s operations and ongoing common capital improve.
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