S&P: Afreximbank notes BBB-

Standard & Poor's said it assigned BBB- long-term and A-3 short-term issue ratings to the $3 billion medium-term note program of African Export-Import Bank (Afreximbank).

The agency also said it assigned a BBB- rating to the $500 million five-year senior unsecured notes due in June 2018, issued under the program.

These notes have a fixed-rate coupon of 3 7/8%. The proceeds will be used for refinancing a 2011 syndicated loan and for the bank's day-to-day operations, S&P said.

The ratings reflect Afreximbank's weak business profile and strong financial profile, the agency said.

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