Ratings agency, S&P Global, has affirmed its "AAA/A-1+" foreign currency issuer credit rating of the African Development Bank (AfDB), with a stable outlook. The ratings agency said its outlook reflected the expectation that the AfDB would, over the next two years, "prudently manage its capital while maintaining solid levels of high-quality liquidity assets and a robust funding profile. We also assume extraordinary shareholder support to the bank will remain unchanged." In a letter, dated January 29, 2021, S&P Global Ratings noted the Bank's $115 billion capital increase, approved by its shareholders in October 2019. S&P said: "Our ratings on AfDB reflect its important role in Africa, marked by a long track record of fulfilling its policy mandate through economic cycles, combined with robust shareholder support. "In October 2019, the bank's shareholders approved its seventh general capital increase (GCI-VII), effectively increasing the bank's capital base by $115 billion … to $208 billion."