The African Export-Import Bank (AfreximBank) has ended its relationship with Fitch Ratings, escalating a dispute over how the agency assesses the multilateral lender’s creditworthiness. The decision follows Fitch’s downgrade of the bank last year to just one notch above junk, a move Afreximbank argues fails to reflect the legal protections and governance framework outlined in its founding agreement. With the rating now carrying a negative outlook, the bank appears unwilling to accept the risk of further downgrades under what it views as a flawed methodology. The break underscores growing tensions between African development lenders and global rating agencies, and raises fresh questions about how multilateral institutions from the Global South are evaluated.
CNBC Africa
