Catenaa, January 25, 2026 – The African Export-Import Bank (Afreximbank) has ended its relationship with Fitch Ratings, citing a misalignment in assessing the bank’s mandate and mission. This move follows Fitch’s downgrade last year, placing Afreximbank just one notch above junk status and under a negative outlook.
At the core of the fallout is a disagreement over Afreximbank’s “preferred creditor status”, a designation that shields lenders from losses during sovereign debt restructurings. Fitch expressed doubts about the bank’s status after loans to Ghana and Zambia, both default-hit, came under scrutiny. It warned that erosion of this status could prompt further downgrades.
Afreximbank, headquartered in Cairo and backed by 53 African states, maintains that its founding charter grants it preferred creditor rights. However, some global creditors, including the Paris Club, have challenged this, classifying its loans as commercial and eligible for restructuring.
The bank has since resolved issues around a $750 million loan to Ghana, but offered no details. Despite the Fitch dispute, Afreximbank’s bonds remained stable. Still, JPMorgan recently cut its outlook on the bank’s debt, anticipating a possible downgrade.
Afreximbank continues to be rated by other agencies, including Moody’s, which in July assigned it a Baa2 rating but also did not recognize preferred creditor status in its assessment.
Analysts suggest the dispute signals broader uncertainty around hybrid multilateral institutions with both public and private shareholders and how rating agencies assess their risk profiles.
The move marks a rare split between a major development bank and a global credit rating. As African economies face tighter credit markets, the controversy underscores the delicate balance lenders must maintain between mission and market perception.
