Moody's affirms A3 rating for African Finance Corporation

Moody's has affirmed an A3 credit rating for the African Finance Corporation (AFC), a multilateral institution focused on financing infrastructure and industry across Africa. The rating affirmation is supported by the AFC's resilient solvency position, which has been strengthened by capital injections from new and existing shareholders.

While the AFC's capital adequacy ratio remains lower than that of its peers, the agency noted that the institution's asset performance has remained robust over the last two years. The AFC provides governments with access to credit at lower costs than international financial markets, facilitating major projects such as the Lobito Corridor, which connects Angola to the mining regions of the Democratic Republic of Congo and Zambia.