African Export-Import Bank (Afreximbank) said on January 23 that it has ended its credit rating relationship with Fitch Ratings after reviewing the engagement.
The Cairo-based multilateral lender said it concluded that the rating process no longer reflected an adequate understanding of the bank’s Establishment Agreement, mandate and mission.
Afreximbank said its business profile remains robust, supported by shareholder relationships and legal protections contained in its Establishment Agreement, which has been ratified by member states.
The bank added that it continues to hold investment-grade ratings from other agencies, including Moody’s, GCR, China Chengxin International Credit Rating Co. and Japan Credit Rating Agency.
Afreximbank, which finances and promotes intra- and extra-African trade, plays a key role in supporting the African Continental Free Trade Agreement (AfCFTA), including through the Pan-African Payment and Settlement System adopted by the African Union.
As of December 2024, Afreximbank’s total assets and contingencies stood at more than $40.1 billion, while shareholder funds amounted to $7.2 billion, it said.
The bank operates as a group comprising Afreximbank, its equity investment arm Fund for Export Development Africa, and insurance subsidiary AfrexInsure.
