SEO Riders:
– GCR affirms international B/B issuer rating; boosts national ratings (Nigeria to AAA)
- – Stable outlook reflects stronger capitalization, risk management, and disbursement growth
– Upgraded Nigerian senior unsecured notes to AAA(NG); confidence in Africa housing finance rising
Global Credit Ratings (GCR), based in Johannesburg, has affirmed its international long‑term and short‑term issuer ratings of B/B for Shelter Afrique Development Bank and maintained a Stable outlook. Significantly, GCR also upgraded national-scale ratings for Kenya, Nigeria, and Mauritius: notably, Nigeria’s national rating moved from AA+(NG) to AAA(NG) for issuer ratings, and Shelter Afrique’s Series 1 Senior Unsecured Notes under Nigeria’s NGN 200 billion bond program were likewise elevated to AAA(NG).
The rating upgrade—attributed to improvements in capital adequacy (leverage ratio ~82%), stronger risk management, enhanced shareholder engagement, and more disciplined disbursement growth—reinforces confidence in Shelter Afrique’s transformation into a credible pan‑African housing finance institution. GCR noted the bank’s stable outlook anticipates sustained financial strength through ongoing reform and expansion in operations. Bernard Oketch, Shelter Afrique’s Risk Director, stated that the upgrades validate the Bank’s “strong fundamentals… commitment to reforms, growth, and sustainable impact”.
