AFC Achieves AAA Credit Rating from China Chengxin, Paving Way for Expanded Funding Sources
Africa Finance Corporation (AFC), Africa’s premier infrastructure solutions provider, has received an AAA domestic credit rating with a stable outlook from China Chengxin International Credit Rating Co. Ltd (CCXI).
This milestone strengthens AFC’s position to deepen engagement in China’s domestic debt capital markets, enabling access to new investors and diversifying funding sources.
The recognition highlights AFC’s robust financial health and disciplined risk management framework. “This rating validates our financial resilience and global reach, empowering stronger ties with Asian markets to drive investment in Africa’s economic growth,” stated Samaila Zubairu, AFC President & CEO.
Key achievements bolstering the rating include a 15.3% profit increase in 2023 to $329.7 million and a 17.3% rise in total assets to $12.3 billion. AFC also maintained a strong Basel II ratio of 34.5% and Liquidity Coverage Ratios of 161% (normal scenario) and 143% (stress scenario).
AFC plans to issue its first panda bond to further engage with Chinese bond investors, emphasizing its commitment to global financial markets and transformative infrastructure projects.
With investments in energy, mining, transportation, and climate action, AFC continues to drive industrialisation across Africa, backed by strategic partnerships with Asian institutions, including a $1.16 billion syndicated loan secured in 2024.
