The agency cited several factors behind the downgrade
Global ratings agency Fitch Ratings has downgraded the African Export-Import Bank (Afreximbank) to non-investment grade, placing the Cairo-based multilateral lender in junk status and withdrawing all future ratings and analytical coverage.
This marks a sharp escalation in a deteriorating relationship between the lender and one of the world’s major credit raters.
Fitch cut Afreximbank’s long-term Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-’, with a stable outlook, pushing the bank below investment-grade territory.
The short-term IDR was also downgraded, and the agency said it will no longer provide credit assessments for the institution.
The agency cited several factors behind the downgrade, notably Afreximbank’s elevated credit risk exposure and weakening policy importance after its inclusion in Ghana’s sovereign debt restructuring.
“The bank’s inclusion in Ghana’s restructuring underlines its weakening policy importance, in our view,” Fitch wrote.
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Fitch noted that the bank’s risk profile was now classified as high risk, up from medium, with concerns about governance, exposure to sovereign debt stress and risk-management metrics.
Afreximbank responded earlier in January 2026 by formally severing its credit rating relationship with Fitch, arguing that the agency’s assessment methodology did not accurately reflect the bank’s mission, mandate or legal framework under its establishment agreement.
Fitch stated that Ghana’s decision to include Afreximbank in its debt restructuring process undermined assumptions about the lender’s preferred creditor status, which typically shields multilateral lenders from losses on sovereign loans.
“We view this as evidence that Afreximbank did not benefit from its preferred creditor status,” Fitch wrote.
With Fitch’s withdrawal, Moody’s remains the only major global ratings agency continuing to assign a credit rating to Afreximbank.
ID/AE
