The African Export-Import Bank (Afreximbank) has announced the official termination of its credit rating relationship with Fitch Ratings.
According to a statement by the bank on Friday, the move follows a comprehensive review of the partnership, saying it believes that Fitch’s credit rating exercise no longer adequately captures the institution’s establishment agreement, mission, and mandate.
“Afreximbank has today officially 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,” the Bank stated.
Despite the termination, Afreximbank emphasised that its business fundamentals remain solid.
The Bank highlighted its strong shareholder relationships and the legal protections embedded in its Establishment Agreement, which has been signed and ratified by member states.
It restated its commitment to delivering on its mandate of promoting trade and economic integration across Africa, noting that its robust profile continues to underpin confidence among stakeholders.