Africa Finance Corporation (AFC) has received a prestigious AAA domestic credit rating with a stable outlook from China Chengxin International Credit Rating Co. Ltd. (CCXI). This significant achievement will enable AFC to deepen its engagement in China’s domestic debt capital markets, access a wider pool of investors, and further diversify its funding sources to accelerate infrastructure development across Africa.
“Receiving an AAA credit rating from CCXI is another significant endorsement of AFC’s strong credit profile and a defining moment in AFC’s capital-raising strategy,” said Samaila Zubairu, President & Chief Executive Officer of AFC. “This recognition at the highest level validates our financial resilience, robust governance, and global reach and will enable stronger ties with Asian markets to drive essential investment in economic development, high-value job creation, and Africa’s prosperity.”
CCXI analysts highlighted AFC’s strong strategic positioning, sound risk management framework, and prudent risk appetite as key factors contributing to the AAA rating.
“AFC successfully achieved its strategic indicators during the 2019-2023 period,” CCXI analysts stated. “Over the five years, the average return on capital rose from approximately seven to 12 per cent, while total assets increased substantially, growing from about $4.5bn at the end of 2018 to $12.3bn at the end of 2023.”
AFC has demonstrated a strong track record of successful investments across key sectors, including energy, mining, transportation, and industry, with notable projects such as the Dangote Refinery and ARISE Integrated Industrial Platforms.
This AAA rating from CCXI will enable AFC to explore new funding opportunities, including the potential issuance of panda bonds in the Chinese market. This strategic move will further strengthen AFC’s financial position and enable it to continue to play a critical role in supporting Africa’s economic growth and development.
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