The African Export-Import Bank (Afreximbank) has formally ended its relationship with global credit ratings firm Fitch Ratings, saying the agency’s approach to assessing its creditworthiness no longer reflects an understanding of the bank’s mandate and mission. The decision was announced on Friday, January 23, 2026, and marks a significant escalation in a long-running dispute between the pan-African lender and one of the major rating agencies.
Afreximbank said in a statement that it reached the decision after reviewing its engagement with Fitch, concluding that the credit rating exercise “no longer reflects a good understanding of the bank’s Establishment Agreement, its mission and its mandate.” The Cairo-based institution emphasised that its business profile remains robust, backed by strong shareholder support and legal protections embedded in the treaty that established the bank and was ratified by all its member states.
The dispute stems from a rating action by Fitch in June 2025, when the agency downgraded Afreximbank’s long-term issuer rating to BBB-, one notch above “junk” status, and placed it on negative outlook. Fitch cited higher perceived credit risks and weak risk management practices, partly based on its classification of some sovereign exposures, including loans to Ghana, South Sudan and Zambia, as contributing to elevated non-performing loan ratios, and concern that preferred creditor status might not apply in sovereign restructurings.
Afreximbank has rejected Fitch’s treatment of those exposures, arguing that its operations are governed by its founding treaty and that sovereign members’ obligations should not be regarded as non-performing. The bank’s statement and other reporting highlight broader tensions over how global rating agencies assess African multilateral lenders and sovereign risk.
Fitch declined to comment on Afreximbank’s announcement. The severing of ties does not immediately halt Fitch’s ability to publish unsolicited ratings based on publicly available information, but it signals Afreximbank’s willingness to challenge external assessments it views as misaligned with its institutional structure.
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