The West African Development Bank (BOAD) has been awarded a Ba1 rating by Moody's Investors Service (Moody's), for its $500 million issue of subordinated securities.

On 9 May 2022, a rating committee was convened to discuss BOAD's proposed subordinated securities issuance. The main points raised during the discussion were: Credit fundamentals and the rating level of the issuer and the terms and conditions of the transaction, including the proportion of credit in shares that we have awarded. According to the rating agency, the Ba1 rating assigned to hybrid debt is three notches below the bank's long-term issuer ratings and Baa1's senior unsecured ratings on review for possible downgrade.

BOAD's Baa1 rating reflects the bank's good capital adequacy, despite low asset quality and a limited degree of diversification. Its liquidity and funding position is equally strong, balancing the bank's strong liquidity position through its access to central bank refinancing windows and the availability of liquid resources against its low diversification in its borrowing sources.