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AFRICAN DEVELOPMENT BANK 40 BILLION EURO-YEN SENIOR BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 AFRICAN DEVELOPMENT BANK 40 BILLION EURO-YEN SENIOR BONDS
 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 28 /PRNewswire/ -- The African Development Bank's 40 billion Euro-yen 4.75 percent senior bonds due 1997 are rated 'AAA' by Fitch. The credit trend is declining.
 The rating reflects the bank's conservative financial management; the level of senior debt remains in a range that satisfies both the bank's constraints and Fitch's guidelines. With this issue, senior debt equalled 68 percent of strong non-regional callable capital. Fitch defines strong callable capital as convertible capital committed by countries with high credit quality and specific political, humanitarian, and trade incentives to support Africa.
 In evaluating total debt coverage, Fitch includes 60 percent of other non-regional callable capital and 25 percent of regional callable capital which together with strong callable capital equal $6 billion. Inclusion of many bank members lacking the highest credit profiles is based on the countries' continuous support in the form of capital payments in hard currencies. Subscription arrears declined to $18 million as of June 30, 1992, from $123 million a year earlier.
 The organization's credit trend remains declining due to difficult economic and environmental conditions in many of the bank's borrowing countries which have resulted in higher arrears levels. Arrears over six months have risen above 5 percent of total loans from 3.85 percent as of year-end 1991. However, the bank's stringent sanction policies have limited the impact of arrears on the balance sheet.
 -0- 10/28/92
 /CONTACT: Ricardo Kleinbaum, 212-908-0525, or Neil Baron, 212-908-0509, both of Fitch/ CO: African Development Bank ST: IN: FIN SU: RTG


CK -- NY063 -- 5963 10/28/92 11:49 EST
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Publication:PR Newswire
Date:Oct 28, 1992
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