Fitch shifts TDB view to positive

Fitch Ratings said it revised the outlook on Eastern and Southern African Trade and Development Bank (TDB) to positive from stable and affirmed the issuer default rating at BB+.

“The revision of the outlook reflects an improvement in a number of rating-relevant metrics over recent years. In Fitch's view, the bank's importance for its member states has steadily increased as TDB has expanded its operations towards providing trade finance facilities to African sovereigns to fund the import of basic commodities. The bank's renewed policy importance was illustrated by the recently agreed capital increase. Loan concentration, which has been the main weakness in its credit profile, has markedly declined, while the credit quality of treasury assets has increased,” the agency said in a press release.

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