May 23, 2017

Positive outlook with Global Credit Ratings upgrade

Johannesburg, 19 May 2017: Global Credit Ratings (“GCR”) has upgraded the final, public long term credit rating accorded to the Medium Term Notes (“MTN”) Programme of AFB (Ghana) PLC to ‘BBB+(GH)’ from ‘BBB(GH)’ and maintained the Stable Outlook.

The Senior Unsecured Notes are issued by the Issuer under its MTN Programme. GCR will review the MTN Programme Senior Unsecured Notes rating as and when new debentures are issued in order to assess the recovery prospects of the transaction, which will be accompanied by a Ratings Announcement.

The Senior Unsecured Notes benefit from a Negative Pledge that acts as structural protection and a contractual restriction to the Notes, which restricts the Issuer from creating any additional security (except for Permitted Encumbrances).

The final, public rating accorded to the MTN Programme relates to ultimate payment of interest and principal (as opposed to timely, akin to an expected loss rating, which is a function of probability of default and loss severity). The ratings exclude an assessment of the ability of the Issuer to pay either any (early repayment) penalties or any default interest rate penalties.

Click here to view Credit Ratings Annoucement.