S&P might cut Afreximbank

Standard & Poor's said it placed its BBB-/A-3 long- and short-term issuer credit ratings on African Export-Import Bank (Afreximbank) on CreditWatch with negative implications.

The placement reflects Afreximbank's diminished capital adequacy. On Dec. 31, Afreximbank had an S&P risk-adjusted capital ratio of 10.4% (reducing to 9.1% after adjustment), which is among the lowest ratios of the multilateral institutions the agency rates. As of the same date, the bank's own capital adequacy, under the Basel II approach, had fallen to 20%.

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