By Kevin Akor
CAIRO — The African Export-Import Bank announced Friday it has officially terminated its relationship with Fitch Ratings, citing a fundamental breakdown in how the agency evaluates the bank’s unique legal and operational structure.
The decision follows a comprehensive review by the Cairo-based multilateral lender, known as Afreximbank. Officials expressed a “firm belief” that Fitch’s recent credit rating exercises failed to accurately account for the bank’s foundational strengths and its specific mission within the African continent.
“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,” the bank said in a statement released Friday.
At the heart of the dispute is the bank’s Establishment Agreement, a treaty-level document signed and ratified by its member states. Afreximbank leadership argues that this agreement provides unique legal protections and a robust business profile that the rating agency’s methodology failed to capture.
Despite the split, the bank maintained that its financial standing remains on solid ground, pointing to “strong shareholder relationships” and its status as a critical vehicle for African trade finance.
The move marks a notable moment of friction between a major multilateral development bank and a “Big Three” credit rating agency. Such agencies play a pivotal role in determining the borrowing costs for international institutions, but African leaders have frequently criticized global rating firms for what they perceive as a lack of nuance regarding the continent’s economic landscape.
Afreximbank did not immediately announce if it would seek a replacement rating agency or rely solely on its existing relationships with other global firms, such as Moody’s or GCR Ratings.
The bank concluded its announcement by reaffirming that its “business profile remains robust,” emphasizing that the legal protections embedded in its founding documents continue to safeguard its operations across its member states.
