CAIRO (Chatnewstv.com) — China Chengxin International Credit Rating Co., Ltd. has affirmed the African Export-Import Bank’s AAA issuer credit rating with a stable outlook, a move the lender said would strengthen its ability to raise funds in the Chinese market.
The decision reflects Afreximbank’s “high strategic positioning, sound risk management system, flexibility in business development, very strong profitability, prudent liquidity management and very high coverage ratio of current assets on short-term debts,” CCXI said in its report released Friday.
The agency added that it expected the rating to remain stable over the next 12 to 18 months, despite downside risks in the macroeconomic environment.
Denys Denya, Afreximbank’s senior executive vice president, welcomed the affirmation, calling it evidence of the institution’s resilience and relevance to Africa and the Caribbean.
“CCXI’s rating is a remarkable achievement amid a challenging operating environment, and it is a demonstration of Afreximbank’s systemic relevance to Africa and the Caribbean, our key focus regions,” Denya said. “It exemplifies the Bank’s resilience and will enable us to leverage the breadth and depth of the Panda market as we diversify our funding sources globally.”
He said the rating would bolster Afreximbank’s ability to expand financing opportunities in China’s Panda bond market and support the bank’s broader development mandate. “Our commitment to member states and clients is unwavering, even during challenging times,” he said.
In April, the Cairo-based lender issued its inaugural Panda bond in China’s interbank market, raising 2.2 billion yuan ($303 million). The transaction was oversubscribed and drew high-quality investors, underscoring what Afreximbank described as strong confidence in its credit profile.
The Pan-African bank, which is mandated to promote intra- and extra-African trade, reported total assets and contingencies of more than $40 billion at the end of 2024.
