Moody’s: Baa1 to West African Development Bank notes

Moody's Investors Service said it assigned a provisional Baa1 rating to the forthcoming senior unsecured dollar-denominated notes offering of the West African Development Bank.

This rating mirrors the Baa1 issuer rating, which Moody's assigned on May 15, 2015. The senior unsecured notes will rank pari passu with all of the bank’s current and future senior unsecured debt obligations.

The bank intends to use the proceeds to finance the expansion of its non-concessional loan portfolio as outlined in its strategic plan for the 2015-2019 period.

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