Fitch upgrades Afreximbank

Fitch Ratings said it upgraded African Export-Import Bank's (Afreximbank) long-term issuer default rating, global medium-term note program and debt issuances to BBB from BBB-.

“The upgrade of Afreximbank's ratings reflects a strengthening in the bank's stand-alone credit profile (SCP) to bbb from bbb-. The improvement in the SCP follows Fitch's revision of its assessment of the bank's business profile to 'moderate' from 'high' risk. Afreximbank has strengthened its institutional role and raised its profile as the main multilateral development bank focused in supporting the public and private sectors in the African continent,” Fitch said in a press release.

The outlook is stable.

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