Afreximbank cuts ties with Fitch Ratings over credit assessment concerns

Afreximbank Cuts Ties With Fitch Ratings Over Credit Assessment ConcernsThe African Export-Import Bank (Afreximbank) has terminated its credit rating relationship with Fitch Ratings, saying the agency’s assessment no longer reflects a proper understanding of the bank’s legal framework, mandate, and mission.

In a statement issued on Friday, Afreximbank said the decision followed an internal review of its engagement with Fitch.

The bank concluded that the credit rating exercise failed to adequately capture the protections embedded in the bank’s Establishment Agreement, which is signed and ratified by its member states.

The Cairo-based pan-African lender maintained that its business profile remains robust, supported by strong shareholder relationships and legal safeguards that underpin its operations across the continent.

Afreximbank plays a central role in financing and promoting intra-African and extra-African trade, and has been a key driver of initiatives linked to the African Continental Free Trade Agreement (AfCFTA). 

Among its flagship projects is the Pan-African Payment and Settlement System (PAPSS), which has been adopted by the African Union as the official payment platform for AfCFTA transactions.

The bank has also established a US$10 billion Adjustment Fund aimed at supporting African countries as they implement AfCFTA commitments. 

As of December 2024, Afreximbank reported total assets and contingencies exceeding $40.1 billion, with shareholder funds of $7.2 billion.

Despite ending its relationship with Fitch, Afreximbank continues to hold investment-grade ratings from several other international and regional credit rating agencies, including Moody’s, GCR, Japan Credit Rating Agency (JCR), and China Chengxin International Credit Rating (CCXI).

The bank did not indicate whether it plans to seek a replacement rating from another global agency.