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Fitch Overlooks African Finance — AU Panel Slams the Agency Over 'Flawed' Downgrade of Afreximbank
Fitch Overlooks African Finance — AU Panel Slams the Agency Over 'Flawed' Downgrade of Afreximbank
Sputnik Africa
Fitch Misunderstands African Finance — AU Panel Slams the Agency Over 'Flawed' Downgrade of Afreximbank 07.06.2025, Sputnik Africa
2025-06-07T18:14+0200
2025-06-07T18:14+0200
2025-06-07T18:51+0200
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Fitch Misunderstands African Finance — AU Panel Slams the Agency Over 'Flawed' Downgrade of AfreximbankThe AU's African Peer Review Mechanism (APRM) called in a statement Fitch Ratings' methodology misleading and legally inconsistent.This week, Fitch downgraded Afreximbank from 'BBB' to 'BBB-', citing a 7.1% non-performing loan rate, tied to loans to Ghana, South Sudan, and Zambia.APRM strongly disagrees, saying Fitch:"Objective, transparent and context-intelligent credit assessments are critical to ensuring fair treatment of African institutions in the global financial system," the APRM emphasized, urging Fitch to re-examine its rating.AI-generated image
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sputnik africa, ghana, south sudan, economy, zambia, afreximbank, credit rating agency, central africa, east africa
sputnik africa, ghana, south sudan, economy, zambia, afreximbank, credit rating agency, central africa, east africa
Fitch Misunderstands African Finance — AU Panel Slams the Agency Over 'Flawed' Downgrade of Afreximbank
The AU's African Peer Review Mechanism (APRM) called in a statement Fitch Ratings' methodology misleading and legally inconsistent.
This week, Fitch downgraded Afreximbank from 'BBB' to 'BBB-', citing a 7.1% non-performing loan rate, tied to loans to Ghana, South Sudan, and Zambia.
APRM strongly disagrees, saying Fitch:
misclassified government loans as commercial debt;
ignored the legally binding 1993 treaty that governs Afreximbank;
labeled countries as "defaulters" when no formal default occurred;
overlooked that those countries are shareholders in the bank.
"Objective, transparent and context-intelligent credit assessments are critical to ensuring fair treatment of African institutions in the global financial system," the APRM emphasized, urging Fitch to re-examine its rating.
