African Export-Import Bank (Afreximbank) has announced the termination of its credit rating relationship with Fitch Ratings, effective Friday, 23 January 2026.
In a statement issued from Cairo, the pan-African multilateral lender said the decision followed an internal review of its engagement with Fitch, concluding that the credit rating process no longer adequately reflects the Bank’s Establishment Agreement, mission, and mandate.
Afreximbank stressed that its business profile remains strong, anchored by deep shareholder relationships and the legal protections embedded in its Establishment Agreement, which has been signed and ratified by its member states. The Bank noted that these protections are central to its operational model and risk framework and are not always fully captured by conventional credit rating methodologies.
Despite the termination of its relationship with Fitch, Afreximbank continues to maintain investment-grade ratings from other international and regional agencies, including Moody’s, GCR, China Chengxin International Credit Rating (CCXI), and the Japan Credit Rating Agency (JCR).
As at the end of December 2024, Afreximbank reported total assets and contingencies exceeding US$40 billion, with shareholder funds of US$7.2 billion, underscoring its scale and financial resilience. The institution remains a key pillar in financing intra- and extra-African trade and a major supporter of the African Continental Free Trade Agreement (AfCFTA), including through initiatives such as the Pan-African Payment and Settlement System (PAPSS) and a US$10 billion Adjustment Fund.
The Bank did not indicate whether it plans to replace Fitch with another rating agency, but reiterated its confidence in its governance framework, balance sheet strength, and long-term mandate to support Africa’s trade-led development.
