The African Export-Import Bank (Afreximbank) has announced the termination of its credit rating relationship with Fitch Ratings, following an internal review of the engagement.
The bank made the decision public on Friday, January 23.
It explained that the move was informed by concerns that the credit rating exercise no longer reflects an adequate understanding of its legal framework, mission, and mandate.
“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,” Afreximbank said.
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According to the bank, its business profile remains strong, supported by solid shareholder relationships and the legal protections enshrined in its Establishment Agreement, which has been signed and ratified by its member states.
Fitch Ratings is an American credit rating agency and one of the three nationally recognised statistical rating organisations designated by the US Securities and Exchange Commission.
The agency is regarded as one of the “Big Three credit rating agencies,” alongside Moody’s and S&P Global Ratings, Pinnacle Daily reports.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
