African Export-Import Bank (Afreximbank) has officially terminated its credit rating relationship with Fitch Ratings. The bank noted the decision followed a review of its relationship with Fitch which it said no longer reflected the bank’s goals.
“African Export-Import Bank (Afreximbank) has today officially terminated its credit rating relationship with Fitch Ratings.
“This decision follows a review of the relationship, and its firm belief that the credit rating exercise no longer reflects a good understanding of the Bank’s Establishment Agreement, its mission and its mandate.
“Afreximbank’s business profile remains robust, underpinned by strong shareholder relationships and the legal protections embedded in its Establishment Agreement, signed and ratified by its member states.” The bank said on its website.
The Bank however did not disclose whether it plans to engage another credit rating agency in the future, but reaffirmed its commitment to transparency and financial stability as it continues to support trade and economic growth across Africa.