By Collins Nweze
African Export-Import Financial institution (Afreximbank) has introduced that the worldwide credit score scores company Moody’s, on July 14 has affirmed the financial institution’s long-term credit standing at Baa1, with a secure outlook.
The company determines its score for supranationals based mostly on three standards: capital adequacy, liquidity, and funding and power of member help.
Moody’s notes that Afreximbank’s credit score profile is “supported by its collateralised commerce finance enterprise mannequin, with a brief common asset maturity and a comparatively well-diversified mortgage portfolio that enables it to reply flexibly to the coronavirus disaster.”
The report provides: “The secure outlook is supported by the financial institution’s profitable equity-raising efficiency and its monitor document of adapting its technique to challenges within the working atmosphere of member international locations with out undermining its asset-quality efficiency.”
President of Afreximbank, Prof. Benedict Oramah, stated:
“Afreximbank is delighted by the end result of Moody’s credit score overview, contemplating the challenges posed by COVID-19.
In addition to having a profit-oriented enterprise mannequin, the financial institution has a developmental mandate and a duty to its members states to intervene in instances of emergency.
We’ve acted decisively with the launch of the Pandemic Commerce Influence Mitigation Facility (PATIMFA). We sit up for persevering with supporting the financial institution’s member international locations in a prudent and impactful method.”