African Import and Export Bank (Afrexibank) has received a credit rating “positive” from Moody’s, Fitch Ratings and GCR Ratings. This demonstrates continued confidence in its ability to generate attractive financial returns while fulfilling its core mandate to expand, diversify and develop African trade.
“We believe in harnessing the power of trade to create jobs, increase wealth and help Africa reach its full economic potential. However, to support this vision, the Bank must have access to a variety of sources of capital at a competitive price. Good ratings from Fitch, Moody’s and GCR help ensure that this access remains open, allowing us to continue to fulfill our mandate at a time when African countries need our support most, ”the President welcomed on Monday 19 July. Afreximbank, Benedict Oram from Cairo (Egypt).
Fitch has revised Afreximbank’s Long-term Issuer Default Rating to Positive Stable with short-term ratings of ‘BBB-‘ and ‘F3’. “The upgrade reflects the bank’s growing importance as a leading multilateral development bank (Bmd) providing finance to non-sovereign borrowers in Africa.” The agency has also reaffirmed the bank’s ID at ‘BBB-‘ and acknowledges that the $ 6.5 billion increase in the bank’s capital “underscores the bank’s increased strategic importance to its shareholders. Africans “.
As for Moody’s, it affirmed the bank’s rating at ‘Baa1’ with a stable outlook, while GCR affirmed the long-term and short-term ratings of Afreximbank internationally at ‘A-‘ and ‘A2’, respectively, with a revised positive outlook at ‘ stable”. … “The Bank’s high credit ratings are vital to its ongoing mandate, opening up access to global financial markets and allowing Afreximbank to access finance at a reasonable cost. Credit rating agencies also highlight the continued confidence in the Bank’s ability to generate attractive financial returns while fulfilling its core mandate to expand, diversify and develop African trade, ”the rating agencies note.