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Bond Market News
Fitch Downgrades Afreximbank to BB+; Withdraws Ratings
January 29, 2026
African Export-Import Bank (Afreximbank) was downgraded to HY-status of BB+ from IG-Status of BBB-. The downgrade reflects heightened restructuring risk after Afreximbank agreed in principle to restructure a $750mn loan to Ghana within Ghana’s broader debt workout. This outcome suggests Afreximbank did not receive preferred creditor treatment, weakening Fitch’s view of its policy importance (revised to medium from low) and prompting a reassessment of the bank’s business profile to high risk. However, Afreximbank’s liquidity remains supportive, aided by high-quality treasury assets, diversified funding, and market access, according to Fitch. The rating agency subsequently withdrew Afreximbank’s ratings. This comes days after the lender said it has terminated their relationship with Fitch following a dispute, which is an unprecedented move by a supranational organization with a rating agency.
Afreximbank’s 3.798% 2031s fell 0.2 points to 88.8, yielding 6.3%
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