Statement
APRM Comments on Afreximbank’s Termination of its Rating Agreement with Fitch Ratings
26 January 2026 – The African Peer Review Mechanism (APRM) takes note of the decision by the African Export–Import Bank (Afreximbank) to terminate its contractual relationship with Fitch Ratings, as formally communicated by Afreximbank in its public statement issued on 23 January 2026. It is Afreximbank’s “firm belief that the credit rating exercise no longer reflects a good understanding of the Bank’s Establishment Agreement, its mission and its mandate.”
In the APRM’s assessment, it is evident that this decision is not a reaction to Fitch Ratings’ downgrade of Afreximbank in June 2025, nor to the prospective trajectory of future ratings. This is underscored by the fact that, at the time of the downgrade, Moody’s Ratings undertook a similar action, and both agencies continue to assign Afreximbank ratings that are broadly comparable and remain within investment-grade levels.
Rather, the issue relates to the quality of the rating analysis itself, including the rationale, analytical framing, and interpretation of underlying risk sources. When a credit rating departs from fact-based, issuer-engaged analysis intended to inform investors, and instead relies on speculative or prejudicial assumptions, it undermines its core purpose. In such circumstances, an issuer is fully within its rights to discontinue the rating relationship. As a matter of consequence, any future ratings issued by Fitch in respect of the Bank would be unsolicited and non-participatory, and therefore risk misinforming investors.
The APRM therefore calls on Fitch Ratings – and other international credit rating agencies – to rely more on verified, official information obtained directly from issuers and relevant institutions, rather than predominantly on secondary public narratives, when formulating rating opinions. The APRM further urges a critical re-examination of the criteria, assumptions, and analytical approaches applied by non-Africa-based analysts in the assessment of African institutions and stakeholders.
Objective, transparent, and context-sensitive credit assessments are essential for the development of African financial markets and for ensuring fair, credible, and consistent treatment of African institutions within the global financial system.
The APRM reaffirms its commitment to promoting accuracy, balance, transparency, and analytical integrity in credit ratings, in line with its broader mandate to advance good governance, financial sovereignty, and sustainable development across the continent.
APRM Credit Rating Research & Advisory
For inquiries, contact:
Dr McBride Nkhalamba, Ag. Director of Governance & Specialised Reporting
Dr Misheck Mutize, Lead Expert on Credit Rating Agencies; misheck.mutize@aprm-au.org
Ms. Ejigayhu Tefera, Researcher; ejigayhu.tefera@aprm-au.org
