Emerging Africa Infrastructure Fund secures A2 credit rating from Moody’s

Private Infrastructure Development Group (PIDG) company, the Emerging Africa Infrastructure Fund (EAIF), announced that Moody’s has assigned EAIF a foreign currency long-term issuer rating of A2 with a stable outlook.

EAIF mobilises public and private debt capital to deliver infrastructure in sub-Saharan Africa. Since its establishment in 2001, up to December 2021, EAIF has closed 90 projects for a total investment of $2.1 billion, and mobilised private sector investment commitments of $15.2 billion.

International rating agency Moody’s confirmed that the main factors underpinning the EAIF’s A2 rating are:

– A strong capital position that reflects moderate but rising leverage, and a diversified lending portfolio notwithstanding weak asset credit quality;

– A robust base of liquid assets stemming from highly-rated development finance institutions and commercial lenders;

– A high level of member support from a base of highly-rated shareholders, reflecting EAIF’s strategic position in the broader Private Infrastructure Development Group (PIDG).

Martijn Proos, director at Ninety One, the fund manager of the Emerging Africa Infrastructure Fund said, “We are proud to initiate a rating with Moody’s, which recognises the fund’s unique business model, 20-year track record of success and conservatively levered balance sheet. The A2 rating evidences our ability to take on and proactively manage risk to deliver returns and generate sustainable development impact. We are committed to building our diversified portfolio as we ramp up vital funding for strategic projects that boost Africa’s resilience. This rating will assist us to further diversify the types and sources of funding we can access as we build our business in the years to come.”

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