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AFRICAN DEVELOPMENT BANK DM300 MILLION SUBORDINATED DEBT RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 25 ~PRNewswire~ -- The African Development Bank's DM 300 million fixed rate subordinated bonds are rated 'AA+' by Fitch. The bonds mature in 1997. The credit trend is declining. The rating is based on the ample liquidity, good earnings, and solid commitment of both regional and non-regional shareholders to the institution's role in Africa.
 The Deutsche mark issue was swapped into Swiss francs in order to meet Swiss franc obligations arising from a swap of U.S. dollar debt maturing in December. As a result of the financing, the bank retains a Swiss franc obligation and maintains its presence in the DM market.
 In September, Fitch affirmed the bank's 'AAA' senior debt and 'AA+' subordinated debt ratings based on an assessment of the level of capital and liquidity that could support our current ratings through the end of the third Five Year Operational Program. Our determination reflected a risk weighting of the bank's loan portfolio together with an evaluation of the bank's ability to meet debt obligations from operating resources. Given a worse case deterioration in loan arrears, we estimate that net liquidity plus eligible callable capital would cover 146 percent of outstanding debt.
 In addition to strong non-regional callable capital, a fraction of the callable capital of weaker non-regional shareholders and borrowing country shareholders is included in Fitch's eligible callable capital figure. With this issue, total subordinated debt amounts to $2.924 billion and total debt equals $7.457 billion, equivalent to 78 percent of eligible callable capital.
 -0- 11~25~92
 ~CONTACT: Ricardo J. Kleinbaum of Fitch, 212-908-0525~


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

LR -- NY034 -- 1515 11~25~92 12:43 EST
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Publication:PR Newswire
Date:Nov 25, 1992
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