S&P: Afreximbank to negative

Standard & Poor's said it revised the outlook on African Export-Import Bank (Afreximbank) to negative from stable.

The agency also said it affirmed the BBB- and A-3 long- and short-term issuer credit ratings on the bank.

The outlook revision reflects that Afreximbank recently experienced rapid loan growth without significantly increasing fresh capital, S&P said.

It also follows the recent amendments to the bank's charter to allow for a new class of private-sector shares that can be listed on an exchange, the agency said.

S&P said it believes this could increase the bank's private-sector focus and therefore weaken the bank's ability to fulfill its public policy mandate.

The ratings on Afreximbank continue to reflect the bank's weak business profile and strong financial profile, the agency said.

The ratings also consider the bank's BBB- stand-alone credit profile, S&P said.

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