The African Export-Import Bank (Afreximbank) said Friday that it has ended its credit rating relationship with Fitch Ratings, citing concerns that the assessment no longer reflects the lender’s founding treaty, mission and mandate.

The decision follows Fitch’s 2025 downgrade of the bank’s long-term issuer default rating to BBB- from BBB with a negative outlook, a move that placed Afreximbank one notch above speculative grade on the agency’s scale.

African Export-Import Bank, known as Afreximbank, said the termination came after a review of the relationship.

The bank said its business profile remains robust, supported by strong shareholder relationships and legal protections embedded in its Establishment Agreement, which has been signed and ratified by member states.

The move comes as African multilateral lenders play a larger role in trade finance amid tighter global funding conditions.

Afreximbank has expanded countercyclical lending in recent years, financing energy imports, food security programs and trade flows during periods of currency stress across several economies.

Afreximbank said its credit standing continues to be recognized by other agencies. It holds investment-grade ratings from Moody’s Investors Service, Japan Credit Rating Agency, GCR on an international scale, and China Chengxin International Credit Rating Co., which underpin its access to capital markets.

Founded more than three decades ago, Afreximbank is mandated to finance and promote intra- and extra-African trade.

The Cairo-based lender plays a central role in implementing the African Continental Free Trade Agreement (AfCFTA), including through the Pan-African Payment and Settlement System designed to reduce reliance on hard currency for cross-border trade.

At the end of December 2024, Afreximbank reported total assets and contingencies exceeding $40 billion and shareholder funds of $7.2 billion.