By Emmanuel Nduka Obisue
The African Export-Import Bank (Afreximbank) has formally ended its credit rating relationship with Fitch Ratings, citing concerns that the assessment no longer reflects the bank’s legal framework, mandate, and mission.
The bank announced the decision in a statement posted on its official X (formerly Twitter) handle on Friday, following what it described as a comprehensive review of the relationship.
According to Afreximbank, the move was taken after concluding that the current credit rating exercise does not adequately capture the unique nature of its Establishment Agreement or the protections embedded in it.
“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, its mission and its mandate,” the statement said.
Despite terminating its engagement with Fitch, Afreximbank stressed that its business fundamentals remain strong. The bank said its operations continue to be underpinned by solid shareholder relationships and robust legal protections enshrined in its Establishment Agreement, which has been signed and ratified by its member states.
The bank did not indicate whether it intends to appoint another credit rating agency but reaffirmed its commitment to transparency, financial stability, and its core mandate of supporting trade and economic development across Africa.
“Afreximbank’s business profile remains robust, supported by strong shareholder relationships and the legal protections embedded in its Establishment Agreement,” the bank added.
