Fitch lowers Afreximbank view to negative

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 was revised to negative from stable.

The ratings balance the bank's good loan quality, secured trade finance facilities, improved geographic concentration risk, adequate liquidity and steady profitability against its moderate capitalization and limited shareholder support, Fitch said.

The outlook revision reflects the recent decline in the bank's capitalization following delays in the expected capital increase, the agency said.

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