AFC Achieves Prestigious AAAspc Rating from S&P Global (China)
The Africa Finance Corporation (AFC), Africa’s premier infrastructure solutions provider, has secured the esteemed AAAspc issuer credit rating with a stable outlook from S&P Global (China) Ratings.
This milestone, following a similar recognition from China Chengxin International Credit Rating Co. Ltd (CCXI), solidifies AFC’s financial resilience and diversified funding capabilities.
The rating highlights AFC’s robust liquidity, disciplined capital management, and strategic execution. S&P Global (China) Ratings commended AFC’s capital adequacy ratio of 34.7% as of mid-2024—well above the 30% internal target—and its exceptional liquidity coverage exceeding 400% at the end of 2023.
The corporation’s proactive risk management, including third-party insurance covering 18% of its loan portfolio, further underscores its stability.
“This AAAspc rating strengthens our role as a reliable bridge connecting Africa to global capital markets,” said Samaila Zubairu, AFC President & CEO. “It affirms our commitment to driving transformative infrastructure development for a more industrialized and prosperous Africa.”
AFC has leveraged partnerships with Asian financial institutions, securing a $1.16 billion syndicated loan in 2024 co-led by the Bank of China and ICBC London, and a five-year loan facility from CHEXIM in 2023.
The corporation is exploring the issuance of a panda bond to expand its renminbi-denominated funding sources.
Founded in 2007, AFC has invested over $15 billion across 36 African countries, cementing its position as a leader in delivering essential infrastructure solutions.
