Afreximbank Cuts Ties with Fitch Ratings
The divorce is now official. On January 23, 2026, Afreximbank formally severed its relationship with the rating agency Fitch Ratings. The reason? A "total misunderstanding" of the pan-African bank's operations by the rating agency. For the Cairo-based institution, Fitch was no longer speaking the same language.
A Dialogue of the Deaf
Afreximbank did not mince its words: it criticized Fitch for its rigid methodology, which failed to grasp the subtleties of its mandate and unique legal framework. In other words, the bank believed that its specific characteristics - its status as a preferred creditor and its essential role in developing trade in Africa - were consistently underestimated.
This was not a sudden decision, but rather the culmination of months of tension. Afreximbank had vigorously contested the way Fitch evaluated its exposure to the risks of African states, considering the agency's approach to be disconnected from the reality on the ground.
Fitch's "Parting Gift"
The response from Fitch was swift. On January 28, just a few days after the announcement of the breakup, Fitch dealt a significant blow by downgrading the bank's rating to BB+. This shift into the "speculative" category (non-investment grade) was immediately followed by a permanent withdrawal of its ratings, due to the lack of a mandate.
To justify this decision, Fitch pointed to Afreximbank's involvement in sensitive cases, such as the restructuring of Ghana's debt, seeing this as a warning sign about the bank's solidity and protections against payment defaults.
