Datapro Upgrades African Foundries to A+, Maintains Stable Outlook – THISDAYLIVE


DataPro, a technology-driven credit rating agency (CRA) has upgraded African Foundries Limited’s long-term rating to “A+” with a Stable Outlook for the year 2021/2022.

The rating agency, in a statement explained that the “A+” indicates low risk and shows very good financial strength, operating
performance and business profile when compared to the standard established by DataPro.

The statement signed by the agency’s Client Services Manager, Mr. Kehinde Rasheed affirmed the ability of the company rated to meet its obligations.
“African Foundries Limited, in our opinion, has a strong ability to meet its

ongoing obligations,” the statement said, pointing out that “DataPro Rating Committee approved the rating after assessment of the company’s financial performance, corporate governance and risk management, regulatory environment, risk factors and future outlook of its current healthy profile in the medium to long-term period.”


Source: Thisday Newspaper