Africa Finance Corporation (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has received the highest issuer credit rating, an AAAspc with a stable outlook, from S&P Ratings (China) Co., Ltd. (S&P Global (China) Ratings), demonstrating AFC’s exceptional financial strength, disciplined capital management, and expanding access to diversified funding. It is the second AAA rating awarded to AFC following equivalent recognition by China Chengxin International Credit Rating Co. Ltd (CCXI).

S&P Global (China) Ratings’ AAAspc rating reflects AFC’s robust liquidity, superior governance framework, and its consistent delivery of strategic objectives. The agency praised AFC’s ability to maintain strong asset quality and sufficient capital buffers, even under challenging economic conditions. "AFC has a very solid liquidity buffer which enables its normal functioning in adverse market and economic conditions," S&P Global (China) Ratings wrote. Additionally, “AFC is committed to a diversified funding strategy and expands its funding base on a global scale.”  

“Receiving this AAAspc rating solidifies AFC’s position as the resilient and reliable bridge connecting Africa to global capital,” stated Samaila Zubairu, President & CEO of Africa Finance Corporation. “This prestigious recognition not only highlights our financial resilience but also underscores our strategic role in leveraging dynamic capital markets to channel investment into transformative infrastructure projects. It reaffirms our commitment to building a more industrialised, integrated, and prosperous African future.” 

Banji Fehintola, Executive Board Member & Head, Financial Services at AFC, added: "This AAAspc rating from S&P China showcases AFC’s reputation as a world-leading credible and reliable issuer. It paves the way for deeper engagement with Chinese investors, particularly through our potential issuance of a panda bond." 

In its report, S&P Global (China) Ratings highlighted AFC’s impressive financial metrics. The Corporation’s Basel II capital adequacy ratio stood at 34.7% as of mid-2024, well above its internal target of 30%. The 12-month liquidity coverage as at FYE2023 exceeded 400%, ensuring resilience. S&P also noted AFC’s proactive credit risk management, including using third-party insurance that covers nearly 18% of its loan portfolio, which reinforces its position as a leading multilateral development finance institution. 

AFC has deepened its collaboration with Asian financial institutions to secure vital funding for transformative projects. In 2024, AFC finalized a US$1.16 billion syndicated loan co-led by the Bank of China and the Industrial and Commercial Bank of China (ICBC) London Branch. In 2023, the Corporation secured a five-year loan facility from The Export-Import Bank of China (CHEXIM), aimed at enhancing trade finance and bolstering private sector initiatives. These partnerships exemplify AFC’s strategic focus on diversifying funding sources and fostering global partnerships. 

Looking ahead, AFC plans to capitalize on its strong financial foundation and high credit ratings to pursue new funding opportunities, including the possible issuance of a panda bond, subject to market conditions. This renminbi-denominated instrument will enable AFC to further diversify its funding sources, expand its investor base, and strengthen its role in financing critical infrastructure projects across Africa.