Issued by: Media Fast PR
Global Credit Ratings has upgraded and affirmed Shelter Afrique Development Bank’s (ShafDB) international and several key national-scale ratings, reflecting the bank’s strengthened capital position, improved risk management, and growing credibility among its shareholders.
In its latest review, the Johannesburg-based rating agency affirmed the bank’s international scale long- and short-term issuer ratings at B/B, with a stable outlook.
At the same time GCR has also upgraded the long- and short-term national-scale issuer ratings for Kenya to AA+(KE)/A1+(KE) from AA-(KE)/A1+(KE); Nigeria to AAA(NG)/A1+(NG) from AA+(NG)/A1+(NG); and Mauritius to BBB(MU)/A2(MU) from BB+(MU)/B(MU). All the three national scale ratings have been given a stable outlook.
The ratings agency also upgraded Shelter Afrique’s Nigerian Series 1 Senior Unsecured Notes under the NGN200bn Domestic Bond Issuance Programme from AA+(NG) to AAA(NG).
“The upgrades reflect GCR’s confidence in the bank’s improved risk management, strengthened capitalisation (leverage ratio up to 82.2 per cent in FY2024), and progress in capital arrears resolution. The stable outlook affirms expectations of continued sound capitalisation, strategic disbursement growth, and enhanced shareholder engagement,” GCR said in a commentary.
“This recognition underscores Shelter Afrique’s growing operational credibility, commitment to quality lending, and continued transformation into a resilient and trusted multilateral development bank dedicated to delivering affordable housing and urban development solutions across Africa,” GCR added.
Welcoming the rating reviews, Bernard Oketch, Shelter Afrique Development Bank’s Director of Risk, said that the rating upgrade had reinforced the Bank’s financial strength, strategic direction and institutional credibility.
“These upgrades reflect our strong fundamentals and our unwavering commitment to reforms, growth, and sustainable impact. Clearly, we are on a solid path forward in delivering impactful, quality-driven housing finance solutions across Africa,” he said.
Shelter Afrique Development Bank has 46 shareholders, comprising 44 member states with “Category A” shareholding and the African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re) with “Category B” shareholding. These shareholders will convene in Algiers, Algeria, from 15 to 17 July 2025 for the bank’s 44th Annual General Meeting and Housing Symposium.
‘Category C’ shareholdings are also available for non-African institutions and states wishing to join the institution as shareholders.
