afb Ghana Retains Bond Credit Rating
Arnold Parker, MD, afb Ghana
GCR, an international credit rating agency, has affirmed the BBB ratings accorded afb (Ghana) Plc, a leading financial services company with a stable outlook.
afb Ghana Plc operates as a non-bank financial institution, providing innovative financial services and products to the public and private sector salaried workers through its 24 branches nationwide.
It would be recalled that in 2015, afb Ghana received approval to raise up to GH¢100 million in corporate bonds on the GAX.
The first tranche of GH¢30 million was heavily oversubscribed.
A year down the line, it reported improvement in its profit-before-tax by 100 percent as a result of the listing.
Commenting on the current rating, Managing Director of afb Ghana, Arnold Parker, said “this is significant for the company, as it reaffirms investor confidence because the strong rating reduces the risk in afb bonds.
He added that “the company will continue to pay attention to its core business in order to end the year on a good note for shareholders.”
A business desk report