S&P Global Ratings Assigns Afreximbank ‘BBB+/A-2’ Investment Grade Rating

WHY THIS MATTERS

S&P Global Ratings assigning an investment grade rating to the African Export-Import Bank (Afreximbank) marks a critical victory for the continent’s sovereign credit architecture during a period of complex debt re-engineering. The decision follows a severe dispute where Afreximbank terminated its relationship with Fitch Ratings over methodology disagreements concerning sovereign restructurings in Ghana and Zambia. By restoring the bank’s investment grade ranking, the credit rating agency significantly lowers capital acquisition costs for the multilateral lender. This provides Afreximbank with the financial leverage needed to effectively shield emerging markets from systemic external liquidity shocks.

S&P Global Ratings has assigned African Export-Import Bank  (Afreximbank) a ‘BBB+’ long-term issuer credit rating and an ‘A-2’ short-term issuer credit  rating, with a Stable Outlook, reinforcing the Bank’s strong financial standing and its critical  role in driving trade, industrialisation and economic development across Africa and the wider  Global Africa community. 

According to S&P, the rating reflects Afreximbank’s growing strategic importance, robust  enterprise risk profile and expanding role as a countercyclical institution supporting African  economies through periods of global and regional uncertainty. 

The ratings agency highlighted the Bank’s strong policy relevance and shareholder support,  underscoring its critical role in advancing intra-African trade, supporting implementation of the  African Continental Free Trade Area (AfCFTA), and developing transformative platforms and  solutions that strengthen regional integration and economic resilience. 

S&P noted that Afreximbank’s strong track record of delivering on its mandate underscores its  strategic importance. “Afreximbank’s policy relevance has improved in recent years, as  demonstrated by significant lending growth and shareholder support through a growing capital  base supported by capital injections. Between 2015 and 2025, total assets expanded to $42.3  billion from $7.1 billion, supported by shareholders’ equity increasing to $8.4 billion from $1.3  billion.” 

Commenting on the rating, Dr. George Elombi, President and Chairman of the Board of  Directors of Afreximbank, said: 

“This rating is a strong endorsement of Afreximbank’s financial strength, stability, and  international credibility, and a clear affirmation of its strategic importance to — and impact  across — Global Africa. It reflects the Bank’s solid capital base, strong liquidity, the quality of  its assets, and, in particular, the unwavering belief in the institution by African states and  authorities. The events of recent years, and the last two years in particular, underscore a  central lesson: much as the struggle for independence, the pursuit of Africa’s economic  change will not be handed to us. It demands a deliberate, bold, courageous and decisive  action by the continent itself, working with its diaspora.” 

S&P Global Ratings also referenced Afreximbank’s role in responding to major external  shocks affecting African economies. These include the Bank’s support during the global  financial crisis, the commodity price downturn, the COVID-19 pandemic, the Russia-Ukraine  conflict and other periods of heightened global uncertainty. Backing this trend the Bank recently announced a US$10 billion Gulf Crisis Response Programme (GCRP) to shield  African and Caribbean economies from Middle East Conflict shocks. 

Afreximbank has continued to strengthen the systems required to support African trade and  investment, including the Pan-African Payment and Settlement System, the Africa Trade  Gateway, the AfCFTA Adjustment Fund, trade finance facilities, project finance, institutional  support and advisory services. 

The Stable Outlook reflects S&P Global Ratings’ view of Afreximbank’s strengthened role as  a countercyclical lender in Africa, ongoing shareholder support and consecutive capital  increases. 

Afreximbank remains focused on delivering its mandate to transform the structure of African  trade by supporting industrialisation, expanding intra-African trade, strengthening regional  value chains and increasing Africa’s participation in global trade. 

FF NEWS TAKE

S&P Global Ratings is validating Afreximbank’s aggressive countercyclical lending footprint, highlighting an asset expansion that reached forty-two point three billion dollars by the end of last year. This strong capitalization curve is heavily reinforced by key institutional milestones, including South Africa formally joining the bank as a major shareholder. This financial strength allows the institution to successfully execute massive regional insulation initiatives, such as its recently approved ten billion dollar Gulf Crisis Response Programme (GCRP). By deploying targeted liquidity facilities to secure essential food, fuel, and fertilizer imports amid Middle East shipping channel disruptions, the bank is cementing its position as the vital backstop for African and Caribbean economic stability.