Quotes: US 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
 Sep 21 2014 - Costa Rica's Foreign Trade Minister Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Minister of Foreign Trade of the Republic of Costa Rica Alexander Mora Delgado met here Sunday with HE Qatar's Ambassador to Costa Rica Jaber Ali Al Adhba. During the meeting, ...

 Sep 21 2014 - Former US President Backs Fight Against ISISQatar News Agency
(MENAFN - QNA) Former US President Bill Clinton said Sunday he backed Obama's strategy to end the threat of ISIS. Clinton said that the Iraqi government is now more representative compared to the ...

 Sep 21 2014 - Summary of Saturday Local NewsQatar News Agency
(MENAFN - QNA) A summary of local news released Saturday by Qatar News Agency. - HE the Minister of Foreign Affairs Dr. Khalid bin Mohammed Al Attiyah described the formation of a new government in ...

 Sep 21 2014 - Summary of Saturday Local News- 1-Qatar News Agency
(MENAFN - QNA) - Kyrgyz Minister of Education Kanat Sadykov arrived in Doha on a working three-day visit to Qatar. HE Dr Mohammed bin Abdul Wahid Al Hammadi, Minister of Education and Higher ...

 Sep 21 2014 - Dubai property transactions down 22 percent in July-AugMENAFN
(MENAFN) The Dubai real estate market registered a decrease by 22 percent in the total value of property transactions during July and August compared to the same months last year while rents ...

 Sep 21 2014 - Online abuse of spouses after separation rappedArab News
(MENAFN - Arab News) Grand Mufti Abdul Aziz Al-Asheikh has warned people against defaming their spouses or in-laws on social networking sites saying such publicity could destroy families complicate ...

 Sep 21 2014 - Ex-fighter exposes IS liesArab News
(MENAFN - Arab News) A Saudi citizen who recently returned from Syria after fighting with the 'Islamic' State (IS) terror organization has posted an online video urging fellow youth not to fall ...

 Sep 21 2014 - Checkpoints net 24000 illegal HajisArab News
(MENAFN - Arab News) More than 24000 illegal pilgrims bound for Makkah have been stopped at security checkpoints in Taif and sent back over the past few days.'This year checkpoints have been set up ...

 Sep 21 2014 - DM to finish Phase 1 of USD9.5b Desert Rose in 2015MENAFN
(MENAFN) Dubai Municipality (DM) announced it is planning to finish Phase 1 of its USD9.5 billion Desert Rose project within a year's time, Emirates 24/7 reported.The planning and urban development ...

 Sep 21 2014 - Emirates lounges: 320m investments boost facilitiesArab News
(MENAFN - Arab News) Over 22 million customers have enjoyed the haven of an Emirates Lounge since the airline opened its first international lounge outside of its Dubai hub and demand is growing.In ...

more...


 






Google

Click to Apply

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help