Fitch affirms Asian Development Bank

Fitch Ratings said it affirmed Asian Development Bank's long-term issuer default rating at AAA with a stable outlook and short-term issuer default rating at F1+.

The ratings are primarily underpinned by strong capitalization, Fitch said.

The equity-to-asset ratio, although in the lower range of its peers, was a comfortable 14.4% at the end of 2011, Fitch said, and the usable to required capital ratio was 20.3x.

The debt-to-equity ratio is constrained by a strict self-imposed borrowing limit and was a moderate 356.8% at the end of 2011, in line with peers, the agency said.

Despite its exposure to emerging Asian countries, the performance of the loan book is excellent, Fitch added.

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