Fitch affirms Afreximbank

Fitch Ratings said it affirmed African Export-Import Bank's (Afreximbank) long-term issuer default rating at BBB- and short-term issuer default rating at F3.

The outlook is stable.

The ratings reflect the nature of the bank's operations, preferred creditor status in member countries, adequate capitalization and sound asset quality, Fitch said.

The ratings also reflect the high-risk environment in which the bank mostly operates and the generally weak credit quality of the bank's shareholders, the agency said.

Support is possible due to $249.7 million of subscribed, but not yet disbursed, capital at the end of 2009, but cannot be relied on due to the weak quality of most of the bank's shareholders, Fitch added.

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