The African Export-Import Bank (Afreximbank) has formally discontinued its credit rating relationship with Fitch Ratings, citing concerns that the agency’s assessment no longer reflects the bank’s legal framework, mission, and institutional mandate.
The decision was announced on Friday in a statement published on Afreximbank’s official X handle, where the bank said the move followed a comprehensive review of its engagement with the ratings firm.
“This decision follows a review of the relationship and our firm belief that the credit rating exercise no longer reflects a good understanding of the Bank’s Establishment Agreement, mission and mandate,” the bank said.
Despite ending the relationship, Afreximbank emphasized that its underlying business fundamentals remain strong, supported by solid shareholder relationships and extensive legal protections embedded in its Establishment Agreement, which has been signed and ratified by its member states.
The bank also stressed that the move does not affect its financial stability or operational capacity, reaffirming its commitment to transparency as it continues to promote trade, investment, and economic development across Africa.
Afreximbank did not indicate whether it intends to appoint another credit rating agency but maintained that it remains focused on sustaining confidence among stakeholders while advancing its continental trade finance mandate.
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