The African Export-Import Bank (Afreximbank) has secured a BBB+ investment-grade credit rating from S&P Global Ratings, sparking a sharp three-notch divergence from Fitch Ratings’ earlier BB+ “junk” assessment.
The upgrade positions the Cairo-based pan-African lender back into investment-grade territory for the first time in nearly 12 years, signaling a profound disagreement on how global agencies view African multilateral risk.
S&P’s assessment was driven by Afreximbank’s massive scale, with total assets surging from $7.1 billion in 2015 to $42.3 billion by the end of December 2025.
The agency bypassed the rigid preferred creditor status debate that triggered Fitch’s downgrade, noting that nearly 80% of Afreximbank’s loan book is strategically allocated to private-sector entities.
Asset growth was fortified by a capital increase scheme that mobilized $2.8 billion by 2025, alongside South Africa formally joining as a Class A shareholder in February 2026.
Despite operating across a volatile economic landscape, the bank successfully compressed its non-performing loan ratio to 2.31% at end-2025, down from 2.35% the previous year.
The sharp ratings split follows Afreximbank’s decision in January 2026 to terminate its relationship with Fitch, criticizing that agency’s evaluation of the bank’s role in Ghana’s sovereign debt restructuring.
However, S&P highlighted lingering liquidity pressures, revealing that the bank’s six-month liquidity coverage ratio stood at 0.95x, while its 12-month coverage ratio dipped to 0.71x as of late 2025.
S&P warned that further reliance on short-term international borrowing could pressure the newly minted investment-grade rating over the next 18 to 24 months if market conditions tighten.
This credit divergence provides Afreximbank with vital leverage in international capital markets, offering a data-backed counter-narrative to historical biases faced by African development finance institutions.
