Fitch affirms Asian Development Bank

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

The ratings reflect the bank's strong support from high-quality non-borrowing shareholders, comfortable capitalization and conservative financial policies, Fitch said.

Asian Development Bank's portfolio consists mainly of loans to public entities in countries with low credit quality. The bank also bears a high concentration risk, with sovereign loans to Indonesia, China and the Philippines representing 65% of its total portfolio at end-2004.

However, the quality of the portfolio is excellent with non-accrual loans representing only 0.16% of the total loan portfolio at end-2004, the majority of which comes from the bank's small private sector activity, Fitch said.

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