S&P rates African Export-Import notes BBB-

Standard & Poor's said that it assigned a BBB- long-term rating to the long-term senior notes to be issued through a $1.5 billion euro medium-term note program by the African Export-Import Bank (BBB-/Stable/A-3).

S&P assigned A-3 short-term debt ratings to the short-term notes to be issued out of the program. The ratings assigned to the program mirror those on the bank and will move in lock-step with them.

The ratings reflect the view of the bank's strong capitalization, historically good credit performance and consistent profitability, the agency said.

The ratings are constrained by the bank's exposure to counterparties operating in areas of high economic and industry risk and its high lending concentrations by borrower, the agency added.

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