Afreximbank Ends Credit Rating Relationship With Fitch In Strategic Review
In global finance, credit ratings often shape perception as much as performance, but institutions are increasingly asserting control over how their mandates and risks are interpreted.
African Export-Import Bank (Afreximbank) has announced the termination of its credit rating relationship with Fitch Ratings, citing concerns that the agency’s assessment no longer reflects a proper understanding of the bank’s Establishment Agreement, mission and unique mandate.
The Cairo-based pan-African lender said the decision followed an internal review of its engagement with Fitch, stressing that its business profile remains strong and underpinned by solid shareholder relationships and legal protections embedded in agreements ratified by its member states.
Afreximbank emphasised that it continues to maintain robust fundamentals and retains investment-grade ratings from other international agencies, including Moody’s, GCR, Japan Credit Rating Agency (JCR) and China Chengxin International Credit Rating Co. (CCXI).
The bank, a key financier of intra-African and extra-African trade, plays a central role in supporting the African Continental Free Trade Agreement (AfCFTA), including through the Pan-African Payment and Settlement System (PAPSS) and a US$10 billion Adjustment Fund to help countries participate effectively in the trade bloc.
At the end of December 2024, Afreximbank reported total assets and contingencies of over US$40 billion, reinforcing its position as one of Africa’s most influential multilateral financial institutions.
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