CGR raises BK's long-term credit rating
Global Credit Rating (CGR) has increased the Bank of Kigali's (BK) long-term credit rating.The financial institution had previously held an A+ rating but this has now been raised to AA.
Meanwhile, CGR has held its short-term rating at A1, the New Times reports.
This could in turn support its ability to access credit in the future to finance projects such as potential expansion strategies.
James Gatera, chief executive of BK, has welcomed the decisions, stating they show liquidity is good within its operations.
"We are pleased with the rating upgrade from CGR," he commented.
Mr Gatera described this demonstration of confidence in the bank as "commendable" for the organisation, as well as for its customers and investors.
He added that the positive ratings are particularly noteworthy given the fact they have been awarded "against a backdrop of [a] sluggish global economy".
According to CGR, the ratings reflect BK's ability be consistently profitable in recent years, which means it is a stable business.
CGR added that it has also been able to maintain credit protection during this period.