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On 19 June 2015, Moody's upgraded the East African Development Bank’s (EADB) rating to Baa3 from Ba1 with a stable outlook reflecting (1) the significant improvement in the bank’s capital buffers over the last few years, due to a material increase in paid-in capital from its shareholders; and (2) marked progress in recent years in strengthening governance and risk-management policies and capabilities, which have resulted in a sharp decline in non-performing loans.