The Global Credit Rating Company has upgraded the national scale short term rating assigned to African Banking Corporation (ABC Bank) to A2 (KE) from previous rating A3 (KE), and affirmed the national scale long term rating of BBB (KE) with the outlook accorded as ‘Stable’. The ratings are valid until October 2015. Group Managing Director Shamaz Savani said the new development is supported by the bank’s moderate financial and business risk profile, growth in business, efficiency in balance sheet, non-performing loans recovery, cost control as well as success in the private bond issue this May. The bank successfully issued a Sh650 million private bond, with a green shoe option of Sh350 million, with 5.25 years tenure and a yield of 12.6 per cent. It was over-subscribed by 57 per cent.