Media contacts:
Trade and Development Bank Group
Anne-Marie Iskandar
Senior Communications Officer
Corporate Affairs and Investor Relations
Anne-Marie.Iskandar@tdbgroup.org
Ébène/ Bujumbura, 17 November 2025 – The Trade and Development Bank (TDB) is pleased to report that, in September 2025, it received its inaugural AAA investment grade ratings from China Chengxin International Credit Ratings Co., Ltd. (CCXI), with a stable outlook. These ratings were extended in recognition of TDB’s clear strategic positioning, sound risk management framework, strong profitability, high coverage ratio of current assets on short-term debts, and smooth access to Renminbi (RMB) financing channels.
The Japan Credit Rating Agency (JCR) which rated TDB for the first time last year, affirmed in November 2025 its A- investment grade long-term issuer rating, with a stable outlook – owing to TDB’s strong support from shareholders, good earning capacity, capital reinforcement and stable performance.
CCXI and JCR high investment grade ratings support TDB Group’s funding diversification strategy, further encouraging the mobilisation of resources from Asian markets on more favourable terms.
Likewise, in October 2025, GCR Ratings affirmed TDB’s international scale long and short-term issuer investment grade BBB+/A2 ratings with a stable outlook. These ratings are supported by TDB’s strong track record of executing its mandates, strong capitalisation, high liquidity, and shareholding diversity. Similarly, Moody’s also maintained TDB’s Ba1 ratings, with a stable outlook, because of the Bank’s support from development partners, high profitability, sound governance and significant risk mitigants in place, as well as in appreciation of its track record and despite operating in difficult environments.
As a result of the ripple effects stemming from TDB’s challenging operating context where numerous sovereigns continue to grapple with debt sustainability issues, and adverse credit dynamics, in September 2025, Fitch revised TDB’s long-term issuer default rating to BB from BB+, with a stable outlook. Notwithstanding, Fitch also affirmed its short-term issuer default B rating and AAA(ken) national rating, with a stable outlook.
Auspiciously, during the same period, the ESATF African trade fund – a collective investment scheme financing short to medium-term transactions, managed by the ESATAL fund management company, a TDB Group wholly-owned subsidiary – had its two credit ratings affirmed, after having been rated for the first time in 2024. JCR’s investment grade A- rating, with a stable outlook, reflects the fund’s steady performance, short turnover cash flow structure, as well as the fact that its borrowing limit is set conservatively against its repayment resources. Mauritius-based CARE Ratings (Africa) Private Ltd (CRAF) also reaffirmed ESATF’s Fund Credit Quality Rating (FCQR) of AAAf, as a result of its strong investment and credit guidelines, the ability of ESATAL to manage the assets, and healthy quality of the portfolio which is secured by comfortable collateral coverage.
Given the context, ratings across TDB Group are overall positive. As a sovereign-owned MDB, TDB is committed to being responsive to strategic imperatives and maintaining agility in delivering on its mandate – in order to continue being a source of steady support in both calm and turbulent economic cycles, including during this period of concurrent shocks and market failures. As part of this impetus, TDB reformed into a fully-fledged development finance group with several specialised vehicles providing diversified fit-for-purpose offerings which include development banking services, concessional and impact-focused funding, asset management services, captive insurance and capacity building. Similarly, it is also diversifying its geographical footprint.
About TDB Group
Established in 1985, the Trade and Development Bank Group (TDB Group) is an African regional multilateral development bank, with a mandate to finance and foster trade, regional economic integration, and sustainable development in Africa. TDB Group counts several subsidiaries and strategic business units including Trade and Development Banking, TDB Asset Management (TAM), the Trade and Development Fund (TDF), TDB Captive Insurance Company (TCI), the ESATAL fund management company and TDB Academy.
