GCR affirms Afreximbank’s international credit ratings at A and A2 with stable outlook

African Export-Import Bank (Afreximbank) has welcomed GCR Ratings’ latest action, which affirmed the Bank’s international scale long-term and short-term issuer ratings at A and A2, respectively. The rating outlook was revised from “Rating Watch Evolving” to Stable.

GCR also confirmed the long-term programme rating of A for Afreximbank’s USD 5 billion Global Medium Term Note (GMTN) Programme.

The upgrade reflects GCR’s view of Afreximbank’s “robust counter-cyclical mandate, underpinned by a strong track record and ongoing preferential creditor treatment (PCT) from shareholders.” South Africa recently became a full sovereign member of the Bank, affirming the Bank’s Establishment Treaty and PCT. The report noted that “the Bank’s solid capitalisation and diversified funding profile provide significant buffers against emerging credit risks,” and acknowledged its broad and diverse shareholding base.

GCR explained that the shift from “Rating Watch Evolving” to “Stable” signals that there is minimal downside risk related to sovereign debt restructurings.

Commenting on the rating, Mr Chandi Mwenebungu, Managing Director and Group Treasurer, Treasury and Markets at Afreximbank, said “We are delighted that GCR has affirmed its credit rating on the Bank and resolved the outlook to ‘stable’, particularly in the light of recent positive credit developments. We continue to assert that the Bank’s preferred creditor treatment is enshrined in the Bank’s Establishment Agreement, ratified by all member states. It is not a matter of opinion or convention; it is fact.”

He added “It is also pleasing to note that GCR acknowledges Afreximbank’s strong liquidity and capitalisation, and resilient risk profile. This is testament to the Bank’s financial and operational strength and that it has been able to demonstrate firm resolve in the face of continued macro-economic pressures and a challenging environment.”

Afreximbank’s risk management framework was independently assessed in 2025 and certified as compliant with international standard ISO 31000:2018, highlighting the Bank’s commitment to best practices as Africa’s leading trade finance institution. The certification, issued by Certification Partner Global (CPG), followed rigorous independent audits of the Bank’s enterprise risk management framework, with zero non-conformities.