S&P Global Ratings, a leading ratings firm, has assigned ‘A’ long-term and ‘A-1’ short-term issuer credit ratings, with a Positive Outlook, to Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider.
The ratings agency announced that the ratings reflected AFC’s strong institutional and financial risk profile, underpinned by robust liquidity buffers, disciplined risk management, and the institution’s ability to mobilise private capital for complex, cross‑border infrastructure and industrial projects across Africa.
A news report from African Press Organisation (APO) Group, circulated on behalf of the AFC, indicated that the S&P Global’s ‘A’ category assessment represented the highest rating assigned to the corporation by a major global ratings agency, reinforcing its position as one of the highest-rated investment-grade African financial institutions, strengthening its standing in global capital markets and supporting continued access to diversified, long-term funding sources.
In its published analysis, S&P Global Ratings noted that AFC’s expanded scale, broadened mandate and established operating model, underscoring the institution’s leadership in delivering infrastructure and industrial assets that are central to Africa’s long‑term growth.
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According to the news report, the ratings firm particularly pointed out to the AFC’s capacity to structure and execute complex transactions, and to deploy capital across priority sectors where private financing alone is often insufficient as accounting for its latest assessment ratings.
It also referenced AFC’s growing continental footprint, with the institution having disbursed US$18.5 billion across 36 African countries since inception. Investments span energy, transport and logistics, natural resources, heavy industry, telecommunications and technology, with flagship projects including the Lobito Corridor, linking Angola, Zambia and the Democratic Republic of Congo — a strategically important trade and logistics corridor supporting regional integration and supply‑chain resilience.
The ratings agency maintained: “Given its mandate and emphasis on financing critical infrastructure, AFC plays a strategically important role that is not easily replicated by other development finance institutions (DFIs) or commercial lenders, in our view.”
Other AFC investments include ARISE Integrated Industrial Platforms, supporting the development of industrial zones that anchor local value addition in sectors such as agro-processing, manufacturing and logistics, and the Kamoa–Kakula copper complex in the Democratic Republic of Congo, one of the world’s highest-grade and fastest-growing copper projects.
Similarly, the Corporation has a history of successful asset exits, including partial exits from ARISE and from Ghana’s Takoradi Port, demonstrating AFC’s ability to originate, scale and responsibly reinvest capital, all of which underscore its capacity to combine long-term development impact with disciplined execution and capital stewardship.
The APO Group further reported that the Positive Outlook reflected S&P’s expectation that AFC will continue to broaden its shareholder base, which currently comprises 60 shareholders, including sovereigns, financial institutions, pension funds and multilaterals, strengthen its capital position, and sustain strong liquidity and asset‑quality metrics as it delivers on its medium‑term strategy.
Commenting on the latest ratings of the AFC, its President/CEO, Samaila Zubairu, enthused: “This S&P Global rating is a strong validation of AFC’s financial strength, governance, and strategic role in financing Africa’s infrastructure and industrial transformation.
“It reflects the institution we have built: a solutions-oriented, execution-driven platform with disciplined balance-sheet management and a track record of delivering complex, high-impact projects. Just as importantly, it reinforces AFC’s commitment to work in lockstep with sovereign priorities, supporting long-term national development plans with bankable structures, catalytic capital, and measurable outcomes that accelerate growth, competitiveness, and jobs across the continent”, the finance expert added.
S&P Global Ratings highlighted AFC’s experienced management team, its successful capital-raising programme and track record of maintaining very strong liquidity coverage ratios, even under stressed market conditions.
The ratings agency further clarified: “Based on end-2024 data, our 12-month liquidity ratio was 3.1x (including scheduled loans disbursements), while the six-month ratio was 5.5x. These ratios compare favorably with peers. Under stressed market conditions, we consider AFC’s liquid assets sufficient to service its borrowing and maintain operations through the next year without slowing the pace of planned disbursements.”
Analysts believe that the S&P ratings are expected to further reinforce AFC’s role as a catalyst for private investments in infrastructure, industrialisation and trade-enabling assets that are critical to Africa’s long-term economic transformation.
