Fitch revises TDB outlook to stable

Fitch Ratings said it revised Eastern and Southern African Trade and Development Bank's (TDB) long-term outlook to stable from positive while affirming its issuer default rating (IDR) at BB+.

“The revision of the outlook to stable from positive reflects downside risk to Fitch's assessment of TDB's stand-alone credit profile (SCP) stemming from heightened credit risk, primarily due to its exposure to the Zambian sovereign (accounting for 7% of total loans). To facilitate the IMF-led debt restructuring, TDB approved a rollover of Zambian debt maturities in 2022. However, delays in the debt restructuring discussions mean Zambia was unable to resume payments to TDB following the expiry of the accommodation period in 2022,” Fitch said in a press release.

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