Afreximbank has ended its credit rating relationship with Fitch Ratings. The bank says the ratings no longer reflect its mandate and legal setup.
The African Export-Import Bank (Afreximbank) has officially stopped working with Fitch Ratings, bringing its credit rating relationship with the global agency to an end.
The decision was announced today following an internal review by the bank’s leadership. Afreximbank said the move was necessary after concluding that the rating process no longer served its interests.
According to Afreximbank, the main issue was Fitch’s approach to assessing the bank’s operations and structure. The lender said the ratings failed to fully reflect its founding agreement, purpose, and development-focused role across Africa.
The bank maintained that its mandate and legal framework are unique and should be assessed within that specific context.
Despite cutting ties with Fitch, Afreximbank stressed that its overall strength remains intact. The bank pointed to strong relationships with shareholders and firm legal protections built into its Establishment Agreement.
This agreement has been signed and ratified by member states, offering the bank long-term stability and operational security.
Afreximbank noted that its business profile continues to be solid, supported by its mission to promote trade and development across the continent.
The bank said it remains confident in its position and will continue to operate effectively without the Fitch credit rating relationship.
