S&P Global Ratings has assigned Africa Finance Corporation (AFC) long-term and short-term issuer credit ratings of ‘A’ and ‘A-1’, respectively, with a Positive Outlook, citing the institution’s strong financial profile, robust liquidity and ability to execute complex infrastructure transactions across Africa.
The ratings mark the highest assessment AFC has received from a major global ratings agency and strengthen its standing among investment-grade African financial institutions, supporting continued access to long-term and diversified funding in global capital markets.
In its assessment, S&P pointed to AFC’s disciplined risk management, strong liquidity buffers and track record of mobilising private capital for large, cross-border infrastructure and industrial projects in sectors where commercial financing is often limited.
The agency also highlighted AFC’s expanded scale and operating model, noting that the institution plays a strategically important role in financing critical infrastructure that is difficult for other development finance institutions or commercial lenders to replicate.
Since inception, AFC has invested and disbursed about US$18.5 billion across 36 African countries, with projects spanning energy, transport and logistics, natural resources, heavy industry, telecommunications and technology. Flagship investments include the Lobito Corridor, a regional trade and logistics route linking Angola, Zambia and the Democratic Republic of Congo, and the Kamoa–Kakula copper complex in the DRC.
S&P said the Positive Outlook reflects expectations that AFC will continue to broaden its shareholder base, strengthen its capital position and maintain strong liquidity and asset-quality metrics under its medium-term strategy.
AFC President and Chief Executive Officer Samaila Zubairu said the rating validates the institution’s financial strength and its role in supporting Africa’s infrastructure and industrial development agenda.
S&P also cited AFC’s strong liquidity coverage, noting that its liquid assets would be sufficient to meet obligations and sustain planned disbursements even under stressed market conditions.
The ratings are expected to reinforce AFC’s position as a catalyst for private investment in infrastructure, industrialisation and trade-enabling assets across the continent.
