Online Reporter
Business Reporter
GCR Ratings (GCR) has affirmed the African Export-Import Bank’s (Afreximbank) international scale long and short-term issuer ratings of ‘A’ and ‘A2’ respectively, citing the institution’s robust counter-cyclical mandate and strong capital position.
In a significant move, the agency also revised the Bank’s outlook from “Rating Watch Evolving” to “Stable”, indicating that downside risks related to sovereign debt restructurings on the continent are now considered immaterial. GCR further affirmed the ‘A’ rating for the Bank’s US$5 billion Global Medium Term Note (GMTN) Programme.
The rating affirmation follows a period of strategic growth for the multilateral lender. GCR highlighted the Bank’s “strong track record” and the ongoing preferential creditor treatment (PCT) granted by its shareholders.
Confidence in the Bank’s status was recently bolstered by South Africa, which became the latest sovereign member to sign the Instrument of Accession, officially affirming the Bank’s Establishment Treaty and Preferred Creditor Status.
“The Bank’s solid capitalisation and diversified funding profile provide significant buffers against emerging credit risks,” GCR noted in its assessment, also acknowledging the institution’s increasingly diverse shareholding base.
Preferred Creditor Status “A Matter of Fact”
Mr Chandi Mwenebungu, Afreximbank’s Managing Director and Group Treasurer, welcomed the resolution of the outlook to stable, particularly in light of recent credit developments.
“We continue to assert that the Bank’s preferred creditor treatment is enshrined in the Bank’s Establishment Agreement, ratified by all member states. It is not a matter of opinion or convention; it is fact,” Mr Mwenebungu stated.
He added that the affirmation serves as a testament to the Bank’s financial and operational resilience.
“It is pleasing to note that GCR acknowledges Afreximbank’s strong liquidity and capitalisation. This demonstrates a firm resolve in the face of continued macro-economic pressures and a challenging environment.”
The rating action follows a rigorous independent assessment of the Bank’s risk management framework in 2025. Afreximbank’s systems were registered as complying with the international ISO 31000:2018 standard by Certification Partner Global (CPG).
The audit, which returned zero non-conformities, reinforces the Bank’s commitment to maintaining global best practices as it continues to lead trade finance initiatives across Africa.
With this stable outlook, Afreximbank remains positioned as a preferred partner for large-scale debt solutions, supported by investment-grade ratings from major agencies including Moody’s (Baa2) and China’s CCXI (AAA).
