afb Ghana retains Bond Credit Rating

GCR, the credit rating agency has affirmed the ratings accorded to afb (Ghana) Plc, the financial services company. The rating which is of BBB has the outlook accorded as Stable.

afb (Ghana) Plc operates as a non-bank financial institution providing innovative financial services products to the public and private sector salaried workers through its 24 branches nationwide.

It will be recalled that in 2015, afb Ghana received approval to raise up to GHS 100 million in corporate bonds on the GAX. The first tranche of GHS 30 million was heavily oversubscribed.

A year down the line, it reported improvement in its profit before tax by 100% as a result of the listing.

Commenting on the current rating, the 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”.