Africa Finance Corporation (AFC) the continent’s leading infrastructure solutions provider, has received renewed top-tier credit ratings with stable outlooks from China Chengxin International Credit Rating Co. Ltd (CCXI) and S&P Ratings (China) Co., Ltd. (S&P Global (China) Ratings), reaffirming the Corporation’s strong financial profile, prudent risk management framework, and growing strategic relevance within global capital markets.
CCXI affirmed AFC’s AAA domestic issuer credit rating with a stable outlook, while S&P Global (China) Ratings also affirmed AFC’s AAAspc issuer credit rating with a stable outlook.
These renewals underscore continued confidence in AFC’s resilient balance sheet, disciplined capital management, robust liquidity position, and consistent execution of its mandate to accelerate infrastructure-led industrialisation across Africa.
The renewed credit ratings further strengthen AFC’s position within China’s domestic debt capital markets and support the Corporation’s strategy to diversify funding sources, broaden investor access, and mobilise long-term capital for transformative infrastructure projects across the continent.
“AFC has established sound risk management processes and governance mechanisms to proactively and systemically address asset deterioration and challenges arising from market and economic fluctuations. Its comprehensive risk management framework is supported by a professional management team, including the Board Risk and Investment Committee.
These entities work in concert to monitor key risk areas, including credit risk, market risk, operational risk, asset and liability management risk, and environmental and social risk”, CCXI analysts concluded in their report. “AFC adopts a prudent risk appetite and enforces strict risk exposure limits to ensure portfolio diversification.
Industry exposure is capped at 35% of the total investable funds.” S&P Global (China) Ratings noted AFC’s strong liquidity profile, robust governance standards, resilient asset quality, and sufficient capital buffers, even under challenging market conditions. “AFC’s issuer credit rating of AAAspc is mainly based on its stand-alone credit profile in terms of high policy importance, disciplined capital management and sufficient liquidity buffer,”
S&P Global (China) Ratings wrote. “AFC adheres to a highly conservative approach to liquidity management. It employs the Minimum Liquidity Level (MLL) and the Liquidity Coverage Ratio (LCR), among other critical indicators and triggers, to mitigate liquidity risks. Both the MLL and LCR are determined based on an 18-month business-as-usual (BAU) scenario and a 12-month stressed scenario. As of the end of 2025, the LCR stood at 203% under BAU assumptions (year-end 2024, 194%) and 207% under a stressed scenario (year-end 2024, 191%),” they added.
Commenting on the affirmations, Banji Fehintola, Executive Board Member & Head, Financial Services at AFC, said,” The dual reaffirmations build on AFC’s successful expansion into China’s financial markets and reflect growing international recognition of the Corporation’s role as a trusted infrastructure financier for Africa.
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