The global rating agency Moody’s Investors Service (Moody’s) has announced an upgrade of the issuer rating of the African Export-Import Bank (Afreximbank) from Baa2 to Baa1, with the outlook as stable. Information released by Moody’s in New York on Monday showed that the main driver of the upgrade was the credit enhancement provided by the five-year insurance policy for callable capital instituted on behalf of the Bank’s Class A and B shareholders, which it purchased from a syndicate of highly rated private international  credit insurers. “Review of the policy terms against Moody’s credit substitution methodology confirms that the policy serves

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