Categories: AfricaBankingFinance

Rwanda’s Largest Bank Strengthens Its Position

Global Credit Rating Co Upgrades Bank of Kigali’s Long Term Rating of A+ to AA- and reaffirms the Short Term Rating of A1.

On October 25th, Bank of Kigali, the largest bank in Rwanda by market share of total assets, loans, deposits and shareholders’ funds and the only rated company in Rwanda, announced that its long term rating has been upgraded to AA- while its short term rating has been maintained at A1 with a stable outlook by Global Credit Rating Co., the leading South African rating agency.

This is an important endorsement for the Bank and for the Rwandan economy. Bank of Kigali is providing key support to business and is helping Rwanda maintain its recent excellent growth record.

The AA- long term rating, upgraded from A+, reflects the Bank’s high credit quality and is based on the Bank’s strong capital base as well as diversified and quality earnings while the A1 short term rating is a result of excellent liquidity factors supported by good fundamental protection factors showing that the Bank’s likelihood of timely payment is certain. “We are pleased with the rating upgrade from GCR. This confidence in the Bank against a backdrop of a sluggish global economy is commendable for the Bank, its investors and our customers”, commented Chief Executive Officer, James Gatera.

CFI

Recent Posts

Privacy is a Right, Not a Luxury – and it’s Worthy of Protection

Data-harvesting, monitoring, ad-targeting and even industrial espionage are threats for modern Internet users – and…

1 day ago

Mitsuko Tottori: Flying High at Japan Airlines

Mitsuko Tottori, a name synonymous with resilience, dedication, and a groundbreaking ascent in the aviation…

4 days ago

Breaking Down Biden’s 2025 Capital Gains Tax Proposal: What’s Really in Store

In President Biden's proposal for the Fiscal Year 2025 Budget of the United States Government,…

5 days ago

The Evolution of Online Search: The Role of Artificial Intelligence

The integration of artificial intelligence (AI) into online search engines is redefining the accessibility and…

2 weeks ago

Attitudes Towards Remote Working: Employer vs Employee Perspectives and Economic Implications

The landscape of the workplace has been irreversibly transformed by the rise of remote working,…

2 weeks ago

How Will Artificial Intelligence Affect the Economy?

Artificial intelligence (AI) is the name given to the broad spectrum of technologies by which…

2 weeks ago