Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

The Africa Finance Corporation(AFC)secures First International Credit Rating Moodys assigns A3P-2  Join our daily free Newsletter

MENAFN Press - 04/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) The Africa Finance Corporation (AFC or the Corporation) (http://www.africafc.org), a multilateral development financial institution headquartered in Lagos, has today secured its first International credit rating from Moody's Investors Service (Moody's). Moody's has assigned the Corporation an A3 (long term) /P2 (short term) foreign currency debt rating, making the AFC the second highest investment grade rated multilateral financial institution on the African continent. Moody's rationale for this investment grade rating is based on a sound capital adequacy position, high asset quality and strong prudential framework that supports a high degree of liquidity, supported by an excellent profit margin and profit retention. Additionally, the Corporation's strong liquidity framework and position which is in excess of the requirements of Basel III Capital Accord on liquidity risk management, will mitigate against external economic shocks, and help support planned growth. The outlook on the rating is stable.



Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/afc.jp



AFC was established in 2007 as a private sector-led Pan African multilateral development finance institution, with an initial capital base of USD1.1 billion, to be a catalyst for private sector infrastructure investment across Africa. AFC was established to help fill a critical void in providing project structuring expertise and risk capital to address Africa's infrastructure development needs. AFC not only provides access to finance, deal structuring and sector technical expertise, but also advisory services, project development capacity, and funding to bridge the infrastructure investment and access deficits, in the core infrastructure sectors of power, natural resources, heavy industry, transport and telecommunications, all critical pillars for economic growth across Africa.



Commenting on the International rating, Andrew Alli, President & Chief Executive Officer, AFC said "attaining an investment grade International credit rating, only six years after inception, is a tremendous achievement. It is a major milestone in the Corporation's history. This rating, together with AFC's strong capital position and the quality of its portfolio, will enable AFC to grow its balance sheet, broaden its asset base and expand its geographical footprint. It is a further endorsement of the Corporation's rigorous investment process, innovative approach to infrastructure investment on the continent, world-class corporate governance and solid shareholder support. The Corporation is poised to assist in further driving economic growth and industrial development in Africa. We are extremely pleased with the rating.



Distributed by APO (African Press Organization) on behalf of the Africa Finance Corporation (AFC)


About AFC
AFC

 


MENAFN Press




  MENA News Headlines
 Jul 30 2015 - Egypt- Trial of businessman Ehab Talaat postponedqDaily News Egypt
(MENAFN - Daily News Egypt) The trial of prominent businessman Ehab Talaat was postponed to 26 December on Tuesday for an expert report on the matter.Talaat is being sued by the Al-Ahram Foundation ...

 Jul 30 2015 - Egypt participates in UN counter-terrorism meetingDaily News Egypt
(MENAFN - Daily News Egypt) An Egyptian delegation participated Tuesday in the UN counter-terrorism meeting in the Spanish capital, Madrid, and discussed efforts to tackle militancy.Egypt also ...

 Jul 30 2015 - Egyptian court postpones verdict in Al Jazeera journalists' retrialDaily News Egypt
(MENAFN - Daily News Egypt) A court in the Egyptian capital, Cairo, has postponed the verdict in the retrial of three Al Jazeera journalists, jailed for aiding a terrorist organization with false ...

 Jul 30 2015 - Egypt- 'Will justice be served this Thursday?' (1):JournalistsDaily News Egypt
(MENAFN - Daily News Egypt) An Egyptian court will conclude one of Egypt's most hotly debated cases since the ouster of the Muslim Brotherhood regime in 2013, and one of the longest trials the ...

 Jul 30 2015 - Al-Jazeera re-trial case adjourned to 2 AugustDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian court was to conclude Thursday one of Egypt's most debated cases since the toppling of the Muslim Brotherhood's regime, also among the longest trial the ...

 Jul 30 2015 - Egypt- Trial against Fatima Naoot continuesDaily News Egypt
(MENAFN - Daily News Egypt) The prosecution at the Sayeda Zeinab Misdemeanour Court decided on Wednesday to postpone the case against Fatima Naoot, who is charged with contempt of religion.In turn, ...

 Jul 30 2015 - Ooredoo Oman profit up 18.7 percent in H1MENAFN
(MENAFN) Omani Qatari Telecommuni-cations Company (Ooredoo), has reported an 18.7 percent increase in its net profit for the first half of this year.The company's revenues for the first half of 2015 ...

 Jul 30 2015 - Dubai real estate down, under pressureThe Arabian Post
(MENAFN - The Arabian Post) The Dubai residential market continues to face downward pressure as rents and sale prices decline. It's perhaps indicative of a systemic shift that the current phase's ...

 Jul 30 2015 - Consumer choice, innovation 'key drivers of aviation sector'The Arabian Post
(MENAFN - The Arabian Post) Consumer choice and innovation are the fundamental drivers of competition in the international airline industry, said Etihad Airways president and CEO James Hogan at the ...

 Jul 30 2015 - Qatar's transport sector posts double-digit growth in H1MENAFN
(MENAFN) Qatar's transport sector witnessed a healthy double-digit expansion in profitability in the first half of this year, mainly on the back of earnings in logistics segment.The cumulative net ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help