S&P lifts African Trade Insurance to stable

S&P said it revised the outlook on African Trade Insurance Agency to stable from negative.

The agency also said it affirmed the company's A issuer credit rating.

The outlook revision is based on the company's progress in resolving member-state sovereign and sub-sovereign payment delays, which have accrued since 2015, S&P explained.

African Trade has cured $10 million, or 70%, of these payment delays over the last six months, providing support for the assessment of its preferred creditor status, the agency said.

No further arrears have occurred, S&P added.

Outstanding payments from the government of Malawi and Kenya also have been fully cured, the agency said, but added that there is an outstanding claim with the government of Tanzania.

The company has been proactive in reinforcing its preferred creditor status through strategic partnerships with other multilateral institutions and active engagement with ministers of finance and relevant government officials, S&P said.

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