The African Export-Import Bank declared that it has formally terminated its credit rating partnership with Fitch Ratings.
Afreximbank stated in a post taken from the bank’s X handle on Friday that the decision is the result of a thorough review and represents Afreximbank’s belief that the current credit rating assessment no longer accurately reflects the Bank’s mission, mandate, or Establishment Agreement.
Afreximbank emphasized that, despite terminating its partnership with Fitch, its business profile is still strong, supported by strong shareholder relationships and the legal protections outlined in its Establishment Agreement, which has been ratified and signed by its member states.
The Bank reiterated its dedication to financial stability and openness as it continues to promote trade and economic expansion throughout Africa, but it did not reveal whether it intends to work with another credit rating service in the future.
“This decision is the result of a review of the relationship and the firm belief that the credit rating exercise no longer reflects a good understanding of the Bank’s mission, mandate, and Establishment Agreement.”
Afreximbank continued, “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.”
