By Ben Bangoura
The Dean of the African diplomatic corps in the USA Serge Mombouli has credited the sound leadership of Dr Akinwumi Adesina following the affirmation of the African Development Bank’s AAA credit rating by Moody’s Investor Service
According to Ambassador Mombouli, Moody’s Investor Service’s affirmation of the African Development Bank’s AAA credit rating with a stable outlook is the confirmation that the continent financial institution is doing a good job.
He cited several economic development efforts by the AfDB across Africa including critical infrastructure, power and energy, financial services, and agriculture projects that benefit ordinary people. Ambassador Mombouli also saluted the spirited efforts with which Dr Adesina has marshalled the AfDB to produce a robust response for the continent to the COVID-19 pandemic.
“The credit profile of African Development Bank (AfDB) is supported by the bank’s robust capital buffers and superior risk management, which mitigate risks,” Moody’s Investor Service said in an annual credit analysis dated 27 October 2020.
Moody’s added: “An ample liquidity buffer and unfettered access to international capital markets also support its ability to meet its debt-service obligations. Moreover, the bank has a long track record of being the premier development institution in Africa and benefits from shareholders’ ability and willingness to support its development objectives, exemplified by the significant contributions of highly rated non-regional member countries.”
The ‘AAA’ rating from Moody’s follows earlier affirmations of the ‘AAA’ rating of the Bank, with a stable outlook, by the other leading rating agencies, namely Fitch Ratings, Standard and Poor’s Global Ratings, and Japan Credit Rating Agency.