• JCR affirms Afreximbank’s A- rating with stable outlook

• Cites strong solvency, prudent risk management, consistent profitability

• Rating boosts access to Japan’s markets, contrasts Fitch downgrade

Japan Credit Rating Agency (JCR) has confirmed a credit rating of A- for African Export-Import Bank (Afreximbank), with a stable outlook for the next 12 to 18 months, according to a statement from the bank on Wednesday, August 27, 2025.

In maintaining the rating, the Japanese agency, which uses the same scale as major Western rating agencies, highlighted the bank’s "robust strategic positioning," "prudent risk management framework," "consistent profitability," and "conservative liquidity policies." JCR believes Afreximbank maintains "strong solvency" and a "remarkable" ability to meet its obligations despite an uncertain global economic environment and external pressures.

Denys Denya, Afreximbank's Senior Executive Vice President, said the rating is more than a simple evaluation. "JCR’s rating underscores our strong fundamentals and prudent risk management practices. It strengthens our ability to diversify our funding sources, including tapping into Japan’s capital markets, to further advance our mandate of promoting and financing intra- and extra-African trade," he said.

This positive assessment helps consolidate the bank's reputation in the international financial arena, opening new opportunities for financing trade and infrastructure projects across the continent. This comes after the successful issuance in 2024 of a 81.3 billion yen ($550 million) samurai bond, the bank's first such operation, which attracted a wide range of Japanese institutional investors. The A- rating puts Afreximbank in a favorable position to issue new bonds.

The favorable rating contrasts with a more severe assessment from U.S. agency Fitch on June 4, 2025, which downgraded Afreximbank's long-term credit rating from BBB to BBB-, with a negative outlook. Fitch justified its decision by citing the risks of restructuring certain sovereign loans granted to countries in difficulty, such as Ghana, Zambia, and South Sudan. The bank contested Fitch’s interpretation, arguing that the analysis was based on a flawed understanding of the situation and asserting that it was not involved in any debt restructuring operations concerning its member countries. Afreximbank also pointed out that its activities are governed by a founding treaty signed by 53 African states, which formally prohibits such negotiations.

Sandrine Gaingne