Moody’s upgrades Afreximbank

Moody's Investors Service said it upgraded the issuer rating of the African Export-Import Bank (Afreximbank) to Baa1 from Baa2.

The outlook is stable.

The main driver of the upgrade is the credit enhancement provided by a five-year insurance policy for callable capital on behalf of the bank's class A and B shareholders, which was purchased by the bank from a syndicate of private international insurers, Moody’s said.

The Baa1 rating also reflects an assessment of the bank's capital adequacy and liquidity position, the agency said.

Afreximbank's deposit rating also was upgraded to Baa1, along with the rating on its outstanding senior unsecured euro medium-term notes to Baa1 from Baa2. The bank’s short-term bank deposit rating also was affirmed at P-2, Moody’s said.

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