IDR

Fitch Ratings has affirmed African Development Bank (AfDB)’s Long-Term Issuer Default Rating (IDR) at ‘AAA’ with a Stable Outlook. According to the rating agency, AfDB’s ‘AAA’ rating is driven by the extraordinary support the bank receives from its non-regional shareholders, which we assess at ‘aaa’. “The shareholders’ ‘strong’ propensity to support the bank translates into a zero-notch adjustment to our assessment of the capacity to support (aaa). The rating is also supported by the bank’s Standalone Credit Profile (SCP), reflecting the lower of its assessments of ‘aa’ for solvency and ‘aaa’ for liquidity”, it explained. Fitch placed the US’s ‘AAA’…