The recent evaluation by global ratings agency Fitch has been rejected by the African Export-Import Bank (Afreximbank), which asserts that it is in a robust financial position.
On Tuesday, the bank issued a statement affirming that its financial reporting complies rigorously with International Financial Reporting Standards (IFRS), including IFRS 9, which dictates the classification of non-performing loans (NPLs).
It would be recalled that on June 4, Fitch downgraded Afreximbank’s credit or long-term issuer default rating (IDR) to ‘BBB-‘ from ‘BBB’ with the outlook accorded as negative.
In the rating note, Fitch also downgraded Afreximbank’s Short-Term IDR to ‘F3’ from ‘F2’ and the long-term ratings on the bank’s Global Medium-Term Note Programme and debt issuances to ‘BBB-‘ from ‘BBB’.
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