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AFRICAN DEVELOPMENT BANK MEDIUM-TERM NOTES RATED 'AAA/AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 28 /PRNewswire/ -- The African Development Bank's Euro-$500 million medium-term note program is rated 'AAA' (senior debt) and 'AA+' (subordinated debt) by Fitch. The credit trend is declining. The notes can be issued in senior or subordinated form and can bear interest at fixed or floating rates. While the bank has the flexibility to draw down in any currency, it expects drawdowns to be limited to four currencies: the U.S. dollar, Japanese Yen, French franc, and British pound. The bank will notify Fitch in advance of drawdowns in any other currencies.
 The ratings reflect the continued financial and political support of member countries in Africa and abroad, conservative loan policies, and steady efforts to improve financial management. The medium-term note program will complement existing funding programs allowing the bank to improve funding flexibility consistent with the objective of providing lower cost funds for borrowers. Proceeds will be used for ordinary operations.
 As of March 31, total debt outstanding equaled $7.5 billion or 145 percent of the paid-in capital of strong countries.
 -0- 6/28/93
 /CONTACT: Ricardo J. Kleinbaum, 212-908-0525, of Fitch/


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

LR -- NY041 -- 6215 06/28/93 11:52 EDT
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Publication:PR Newswire
Date:Jun 28, 1993
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