Afreximbank Ends Credit Rating Relationship with Fitch
Africa Import-Export Bank (Afreximbank) ends its relationship with Fitch, saying the rating process misunderstands its mandate, treaty protections, and pan-African mission.
The African Export-Import Bank (Afreximbank) has announced the termination of its credit rating relationship with Fitch Ratings following an internal review.
In a statement issued on Friday in Cairo, the pan-African lender said the decision reflects its view that Fitch’s credit rating assessment no longer adequately reflects the Bank’s Establishment Agreement, mission, and development mandate.
Afreximbank emphasised that its business fundamentals remain strong, supported by solid shareholder relationships and the legal protections enshrined in its treaty-level Establishment Agreement, which has been signed and ratified by member states.
The Bank reaffirmed its continued financial strength and international credibility, noting that it maintains investment-grade ratings from other global agencies, including GCR, Moody’s, China Chengxin International Credit Rating, and Japan Credit Rating Agency.
Afreximbank added that it remains committed to financing and promoting intra- and extra-African trade, advancing industrialisation, and supporting the implementation of the African Continental Free Trade Agreement across the continent.Nigerian Top 5 Banks’ Valuation Increases to N12 Trillion
