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AFRICAN DEVELOPMENT BANK CREDIT TREND CHANGED TO STABLE BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 22 /PRNewswire/ -- The African Development Bank's credit trend is changed to stable from declining and its "AAA" senior debt and "AA+" subordinate debt ratings are affirmed by Fitch. The action follows adoption by the bank's board of a range of new financial policies, covering sanctions, non-accrual policy, and provisioning. The policies take effect on Jan. 1, 1994 and are broadly in line with other multilateral development banks and should improve borrowing countries' incentives to repay loans in a timely fashion.
 The new financial policies enjoy broad support among regional borrowing countries and further solidify the bank's relationships with nonregional member countries. In addition, recent initiatives such as the formation of a conservative private sector lending unit and the creation of a trade bank will strengthen the bank's standing in Africa.
 The African Development Bank operates in the most difficult region of any development bank. It performs a vital role in providing technical assistance and channeling both concessional resources and loans throughout the continent.
 -0- 11/22/93
 /CONTACT: Ricardo Kleinbaum of Fitch, 212-908-0525/


CO: African Development Bank ST: IN: FIN SU: RTG

MP -- NY057 -- 6844 11/22/93 12:14 EST
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Publication:PR Newswire
Date:Nov 22, 1993
Words:194
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