Japan Credit Rating Agency, Ltd. (JCR) has affirmed the African Export-Import Bank’s (Afreximbank) A- issuer credit rating with a stable outlook.
- •The rating agency stated that it expects Afreximbank’s rating to remain stable over the next 12 to 18 months, despite external macroeconomic challenges and potential pressures in its operating environment.
- •JCR’s rating is based on Afreximbank’s strategic positioning, profitability, capital base, and risk management framework.
- •Afreximbank successfully completed its inaugural Samurai bond issuance in Japan in 2024, raising JPY 81.3 billion (US$530 million) from a diverse pool of Japanese institutional investors.
“JCR’s rating underscores our strong fundamentals and prudent risk management practices,” Denys Denya, Afreximbank’s Senior Executive Vice President said.
“It strengthens our ability to diversify our funding sources, including tapping into Japan’s capital markets, to further advance our mandate of promoting and financing intra- and extra-African trade,” he added.
Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-).
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.