OPEC FUND
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S&P ASSIGNS OPEC FUND AA/A-1+, POSITIVE OUTLOOK
S
&P Global Ratings assigned a rating of AA/A-1+, positive outlook
to the OPEC Fund in its inaugural assessment, stressing the Fund’s “extremely strong” financial risk profile and capital base as well as its strong funding and liquidity positions. The rating agency further underlined the OPEC Fund’s “strong enterprise risk profile” and its “very strong” track record of preferred creditor treatment. The OPEC Fund plans to expand its lending operations and is therefore seeking to diversify its funding sources, a cornerstone of the institution’s Strategic Framework 2030. The rating followed an earlier assessment by Fitch Ratings of AA+
with stable outlook in July. Established in 1976, the OPEC Fund
has to date disbursed US$22 billion for development projects in 125 countries worldwide, addressing basic needs and supporting countries to deliver the Sustainable Development Goals. OPEC Fund Director-General Abdulhamid Alkhalifa welcomed the rating and said: “This assessment is testimony to our very strong financial and operational foundation as well as to our strong track-record of delivering development impact. For more than 45 years the OPEC Fund has made major contributions to alleviating poverty, strengthening communities and empowering people. This has made
This assessment is testimony to our very strong financial and operational foundation as well as to our strong track- record of delivering development impact.
Abdulhamid Alkhalifa, OPEC Fund Director-General
The OPEC Fund received strong encouragement for its plans to diversify its financial resources and maximize its development impact by the S&P ratings agency
our institution one of the lead partners in south-south cooperation. Today’s rating is an important building block in our strategy to further expand our operations and deepen our impact.” OPEC Fund Assistant Director-
General Tarek Sherlala added: “The S&P rating is confirmation not only of our strong position but also of the significance of our strategy. This rating will be a key enabler for the implementation of our planned lending growth and further support our drive to help countries deliver the Sustainable Development Goals and address current emergencies such as the COVID-19 pandemic and the energy transition.”
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PHOTO: Michael Rosebrock/
Shutterstock.com
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