Cairo, Egypt — January 23, 2026 — The African Export‑Import Bank (Afreximbank) has officially ended its credit rating relationship with global agency Fitch Ratings, stating that the agency’s credit assessments no longer reflect the Bank’s legal framework, institutional mandate, and establishment agreement.
In an official statement, Afreximbank said the decision follows an internal review of its engagement with Fitch, with the Bank expressing that the rating exercise “no longer reflects a good understanding of the Bank’s Establishment Agreement, its mission, and its mandate.”
Bank’s Statement Highlights Robust Fundamentals
Afreximbank reassured stakeholders that the termination would not affect its operational or financial stability. The Bank emphasized that its business profile remains robust, supported by strong relationships with shareholder member states and the legal protections embedded in its establishment agreement, which has been signed and ratified by all its members.
The Bank reaffirmed its commitment to delivering on its core mandate of promoting intra‑ and extra‑African trade and economic integration, noting that its “robust profile continues to underpin confidence among stakeholders.”
Context of the Dispute with Fitch Ratings
The move follows ongoing tensions after Fitch downgraded Afreximbank’s Long‑Term Issuer Default Rating (IDR) last year, a decision the Bank contested as inconsistent with its treaty‑based protections and preferred creditor status.
Fitch’s June 2025 downgrade lowered Afreximbank’s long‑term rating from BBB to BBB‑ with a negative outlook, citing concerns over credit risks related to sovereign borrower restructurings — a rationale Afreximbank says misinterprets its institutional role and legal safeguards.
Implications for Investors and African Financial Institutions
While Afreximbank will no longer engage Fitch for credit assessments, the agency may continue to publish unsolicited ratings based on publicly available information. Meanwhile, the Bank retains investment‑grade ratings from other agencies, including Moody’s, China Chengxin (CCXI), Japan Credit Rating Agency (JCR), and Global Credit Ratings (GCR).
Market observers say Afreximbank’s bold stance highlights broader debates over how global rating agencies assess multilateral development banks — particularly African institutions with unique legal protections and public mandates. The action could prompt discussions on alternative credit rating frameworks that better reflect the roles of Pan‑African financial institutions.
