Fitch affirms East African Development Bank

Fitch Ratings said it has affirmed the East African Development Bank's ratings at issuer default B- with stable outlook and short-term B.

Fitch said the ratings are based upon the strong support from the regional member states, conservative risk management policies put in place by the new management team and improved financial performance.

They also reflect the weak asset quality of the bank and the potential risk implied by its aggressive strategy for the next five years, the agency added.

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