Afreximbank Ends Credit Rating Relationship with Fitch Ratings

The African Export–Import Bank (Afreximbank) has formally ended its credit rating engagement with Fitch Ratings, following an internal review of the relationship.

In a statement issued by the bank, Afreximbank said the decision was taken after concluding that the rating process no longer reflected a proper understanding of the institution’s founding framework, mandate, and operational model.

According to the bank, the assessment approach adopted by Fitch failed to adequately capture the legal protections embedded in Afreximbank’s Establishment Agreement, as well as the development-driven mission that guides its operations across member states.

Despite the termination, Afreximbank stressed that its underlying business fundamentals remain strong. The institution pointed to its diversified shareholder base, strong sovereign backing, and treaty-based protections as key pillars supporting its stability and long-term outlook.

The bank reaffirmed its commitment to promoting intra-African trade, industrialisation, and economic integration, noting that confidence among its stakeholders remains intact.

The development comes amid broader continental efforts to reshape how African credit risks are assessed. Work is ongoing to establish the African Credit Rating Agency (AfCRA), an Africa-led institution intended to provide alternatives to the dominance of global rating firms.

African policymakers have repeatedly expressed dissatisfaction with what they describe as structural biases and analytical shortcomings in how international agencies evaluate African institutions and sovereigns. Several countries have argued that repeated downgrades have inflated borrowing costs and deepened fiscal stress.

In a related development, African governance bodies recently criticised a downgrade of Afreximbank, describing it as based on flawed assumptions and limited appreciation of Africa’s multilateral financial institutions.