US EditionAfreximbank Severs Ties with Fitch in Dispute over Rating Cut
Afreximbank ended ties with Fitch over disagreements on preferred creditor status and risk assessment after Fitch downgraded the bank to one notch above junk, officials said.
- On Jan 23, the African Export-Import Bank terminated its relationship with credit-ratings firm Fitch on Friday, citing concerns about the agency's understanding of its mandate, Reuters reported from Nairobi, Kenya.
- Fitch and then Moody's moved to lower Afreximbank's ratings, with Fitch cutting it to one notch above 'junk' last year and placing it on a 'negative outlook', while JPMorgan cut its view on Afreximbank bonds this month.
- Afreximbank says its founding charter, signed by 53 African states, gives it preferred creditor status, while its bonds showed no reaction despite JPMorgan cutting its view this month.
- Afreximbank said its business profile remains robust, supported by strong shareholder relationships and legal protections, marking its biggest shift since George Elombi, president, was appointed last year.
- The dispute places preferred creditor status at the centre of a wider debate, as Afreximbank warns weakening it could trigger negative rating action and losses on Ghana or Zambia loans could settle their commercial status.
13 Articles
13 Articles
Afreximbank terminates relationship with ratings agency Fitch
The African Export-Import Bank (Afreximbank) terminated its relationship with Fitch, saying the agency’s credit ratings did not reflect an understanding of the lender’s mandate. The move, which comes months after the ratings agency downgraded Afreximbank to one notch above junk status, underscores tensions in the debate over Western institutions’ influence over perceived risks in Africa that can lead to steep capital costs.Fitch’s downgrade focu…
Afreximbank Announces Termination Of Credit Rating Relationship With Fitch
Cairo – African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has terminated its credit rating relationship with Fitch Ratings. “This decision follows a review of the relationship, and the firm belief that the credit rating exercise no longer reflects a good understanding of the Bank’s Establishment Agreement, its mission, and its mandate,” Afreximbank said in a statement announcing the move on Friday, 23 January 2926. Afreximbank state…
Afreximbank Terminates Credit Relationship With Fitch Amid Rating Tension
By Adedapo Adesanya African Export-Import Bank (Afreximbank) has has officially terminated its credit rating relationship with Fitch Ratings, indicating friction between both firms. According to a statement on Friday, the Cairo-based African lender said the decision follows a review of the relationship, and its firm belief that the credit rating exercise no longer reflects a […]
In a press release released on its website on January 23, 2026, the African Import-Export Bank announced the end of its collaboration with the US rating agency Fitch Ratings. According to Afreximbank, this breakdown follows an in-depth examination of the relationship with the agency. Indeed, the bank believes that the bank's...
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