S&P Global Ratings has upgraded the African Export-Import Bank (Afreximbank) to investment grade—its first S&P rating in nearly 12 years—assigning a BBB+ rating with a stable outlook. The decision highlights the bank’s countercyclical lending record and robust shareholder backing, with total assets growing from $7.1 billion in 2015 to $42.3 billion by end-2025. The upgrade follows a contentious split with Fitch Ratings, which downgraded the institution to junk status over disagreements surrounding its involvement in Ghana and Zambia’s debt restructurings and raised governance concerns. S&P acknowledged ongoing repayment challenges in those markets but described Afreximbank’s governance as adequate, noting meaningful institutional oversight through independent directors and African Development Bank board representation.
CNBC Africa
