GCR Ratings has affirmed the African Export-Import Bank's (Afreximbank) international scale long and short-term issuer ratings of A and A2 respectively, and revised its outlook to “Stable” from “Rating Watch Evolving”.
- •GCR has also affirmed the international scale long term programme rating on the USD 5 billion Global Medium Term Note (GMTN) Programme of A.
- •South Africa became the 54th member state of the Bank in early February.
- •At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion.
"This is testament to the Bank’s financial and operational strength and that it has been able to demonstrate firm resolve in the face of continued macro-economic pressures and a challenging environment," Chandi Mwenebungu, Managing Director and Group Treasurer, Treasury and Markets at Afreximbank, said.
In addition to GCR, Afreximbank has investment grade ratings assigned by Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), and Japan Credit Rating Agency (JCR) (A-).
In June 2025, Fitch Ratings downgraded Afreximbank, lowering its long-term foreign currency issuer default rating from ‘BBB’ to ‘BBB-’ with a negative outlook, triggering the Pan-African institution's protest and formal withdrawal in early 2026.
