Bank of Africa’s Ratings Affirmed

Bank of Africa’s Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating ( ST FCR ) of Bank of Africa (BOA, formerly BMCE Bank of Africa) at ‘BB+’ and ‘B’ , respectively . At the same time, CI Ratings has affirmed BOA’s Bank Standalone Rating ( BSR ) and Core Financial Strength ( CFS ) rating at ‘bb-’ . The Outlook for the LT FCR and BSR is Stable.

The two-notch uplift of the LT FCR above the BSR is based on an Extraordinary Support Level (ESL) of High. The ESL takes into account the high likelihood of extraordinary support from the authorities in view of BOA’s significant market share of both domestic assets and customer deposits.

The principal credit challenge at present is the weak operating environment on account of the impact of Covid-19, which has…