Afreximbank Dumps Fitch Over Misleading Credit Rating
Afreximbank Dumps Fitch Over Misleading Credit Rating
The Pan-African financial giant has made a decisive break with the Western credit agency. The bank is taking a stand, declaring the agency's pattern of downgrades to be not just inaccurate but a direct contradiction to its founding mission and Africa's strategic interests.
It seems that the approach is more inclined towards prejudicial assumptions rather than a factual sentiment or factual statistics [...]. That was more like a punitive punishment rather than an objective assessment with a purpose to inform investors.
#AfricanCurrents turned to Dr. Misheck Mutize, Lead Expert: Country Support on Rating Agencies, African Peer Review Mechanism, to unravel reasons behind Afreximbank's decision to end its credit rating agreement with Fitch Ratings and its anticipated benefits, and the potential establishment of a credible African credit rating agency.
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