Africa Finance Corporation (AFC), a leading infrastructure solutions provider focused on accelerating economic development across Africa, has received renewed top-tier credit ratings with stable outlooks from two major Chinese rating agencies, reinforcing investor confidence in the institution’s financial strength and governance standards.
China Chengxin International Credit Rating Co. Ltd. (CCXI) reaffirmed AFC’s AAA domestic issuer credit rating with a stable outlook, while S&P Ratings (China) Co., Ltd. maintained the Corporation’s AAAspc issuer credit rating, also with a stable outlook.
The dual affirmations reflect AFC’s strong financial profile, disciplined capital management, prudent risk framework, robust liquidity position, and growing importance within international capital markets. The ratings are expected to further strengthen AFC’s position in China’s domestic debt market and support its strategy to diversify funding sources and mobilise long-term capital for infrastructure development across Africa.
In its assessment, CCXI highlighted AFC’s comprehensive risk management system, noting that the institution has established effective governance structures and processes to address asset quality challenges and market fluctuations. The agency cited AFC’s conservative risk appetite and strict exposure limits, including a cap that restricts industry exposure to 35 percent of total investable funds, as key strengths supporting portfolio diversification.
S&P Global (China) Ratings also praised AFC’s strong liquidity profile, resilient asset quality, robust governance standards, and adequate capital buffers. According to the agency, AFC maintains a highly conservative approach to liquidity management through indicators such as the Minimum Liquidity Level (MLL) and Liquidity Coverage Ratio (LCR).
The agency reported that AFC’s LCR reached 203 percent under a business-as-usual scenario at the end of 2025, up from 194 percent in 2024, while the stressed-scenario LCR increased to 207 percent from 191 percent during the same period.
Commenting on the rating affirmations, Banji Fehintola, Executive Board Member and Head of Financial Services at AFC, said the renewed ratings demonstrate growing international recognition of the Corporation’s role as a trusted infrastructure financier for Africa.
The rating renewals come amid AFC’s deepening engagement with Chinese financial institutions. In 2025, AFC signed a landmark partnership agreement with the Export-Import Bank of China (CEXIM) aimed at promoting China-Africa trade through infrastructure investments in priority sectors across AFC member countries.
The partnership builds on an existing relationship that included a five-year loan facility from CEXIM designed to support trade finance and private-sector development initiatives.
AFC has also secured several major syndicated loan facilities involving leading Chinese banks. In 2024, the Corporation finalised a US$1.16 billion syndicated loan facility co-led by Bank of China and the Industrial and Commercial Bank of China (ICBC), London Branch, alongside other international lenders.
In 2025, AFC followed with a US$1.5 billion syndicated facility arranged by a consortium of Asian and Middle Eastern banks, with Bank of China serving as Initial Mandated Lead Arranger and Bookrunner. The transaction attracted new Chinese lending partners, including Bank of Communications and Hua Nan Commercial Bank.
The Corporation subsequently achieved its largest syndicated loan transaction to date, securing a US$2 billion facility led by Bank of China and ICBC, with participation from CEXIM, Hua Nan Commercial Bank, China Construction Bank, and other lenders.
AFC said these strategic partnerships demonstrate its commitment to expanding funding channels, broadening its investor base, and building long-term global partnerships to support Africa’s infrastructure development and economic transformation.
