Shelter Afrique Secures GCR Ratings Boost, Outlook Stable
Global Credit Ratings (GCR) has upgraded Shelter Afrique Development Bank’s (ShafDB) national scale ratings and affirmed its international issuer ratings, citing strong risk management, capital adequacy, and growing institutional credibility.
The Johannesburg-based agency maintained a Stable Outlook across the board, signaling confidence in the Bank’s ongoing reforms and operational strategy.
GCR affirmed the Bank’s international long- and short-term issuer ratings at B/B, while upgrading its national scale ratings for Kenya, Nigeria, and Mauritius. Kenya’s ratings were raised to AA+(KE)/A1+(KE) from AA-(KE)/A1+(KE), Nigeria’s to AAA(NG)/A1+(NG) from AA+(NG)/A1+(NG), and Mauritius’ to BBB(MU)/A2(MU) from BB+(MU)/B(MU).
The agency also upgraded ShafDB’s Nigerian Series 1 Senior Unsecured Notes to AAA(NG), the highest possible national rating under its NGN200 billion bond programme.
In a statement, GCR said the upgrades reflect the Bank’s robust capitalization—highlighted by an 82.2% leverage ratio in FY2024—alongside improvements in credit risk management and capital arrears resolution. The Stable Outlook further underscores expectations for consistent strategic disbursement, enhanced shareholder engagement, and sound financial fundamentals.
Commenting on the announcement, Shelter Afrique Development Bank’s Director of Risk, Mr. Bernard Oketch, welcomed the improved ratings as a significant vote of confidence.
“These upgrades reflect our strong fundamentals and our unwavering commitment to reforms, growth, and sustainable impact. Clearly, we are on a solid path forward in delivering impactful, quality-driven housing finance solutions across Africa,” he said.
The rating upgrade comes ahead of the Bank’s 44th Annual General Meeting and Housing Symposium, to be held in Algiers, Algeria, from July 15 to 17, 2025. The event will bring together ShafDB’s 46 shareholders, comprising 44 African governments under “Category A” shareholding, and the African Development Bank (AfDB) and Africa Reinsurance Corporation (Africa-Re) under “Category B”. The Bank also welcomes “Category C” shareholders—non-African entities interested in joining its mission.
