GCR Upgrades ShafDB’s Long and Short-Term Issuer Ratings, Maintains Stable Outlook

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Global Credit Ratings (GCR), upgraded Shelter Afrique Development Bank’s (ShafDB) international and several key national scale ratings, reflecting the Bank’s strengthened capital position, risk management improvements, and growing credibility across its shareholder base.

In its latest review, the Johannesburg-based rating agency has affirmed the Bank’s international scale long-term and short-term issuer ratings at B/B, with a Stable Outlook.

At the same time GCR has also upgraded the long and short-term national scale issuer ratings for Kenya to AA+(KE)/A1+(KE) from AA-(KE)/A1+(KE); Nigerian to AAA(NG)/A1+(NG) from AA+(NG)/A1+(NG); and Mauritian to BBB(MU)/A2(MU) from BB+(MU)/B(MU). All three national-scale ratings have been accorded a stable outlook.

The Agency has also upgraded the ratings of its Nigerian Series 1 Senior Unsecured Notes under the NGN200bn Domestic Bond Issuance Programme to AAA(NG) from AA+(NG).

Shelter Afrique Development Bank is a Pan-African institution dedicated solely to financing and promoting housing, urban, and related infrastructure development across the African continent. ShafDB operates through a partnership involving 44 African Governments, as well as the African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re).

The Institution delivers financial solutions and associated services that support both the supply and demand aspects of the affordable housing value chain. As a premier provider of financial, advisory, and research solutions, ShafDB focuses on addressing Africa’s housing crisis through financial institutions, project finance, and public-private partnerships, striving to achieve sustainable developmental impact.

Welcoming the rating reviews, Shelter Afrique Development Bank’s Director of Risk, Bernard Oketch said the rating upgrade has reinforced the Bank’s financial strength, strategic direction, and institutional credibility.

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Shelter Afrique Development Bank’s has 46 shareholders comprising 44 member States under “Category A” shareholding, and African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re) under “Category B” shareholding – who will be convening in Algiers, Algeria from 15^th to 17^th July 2025 for the Bank’s 44^th Annual General Meeting and Housing Symposium. https://www.agm.shelterafrique.org/agm-2025/

It has also “Category C” shareholding for non-African institutions and States willing to join the institution as shareholders.