Africa: APRM - 'Fitch's Downgrade of Afreximbank's Rating Is Based On Flawed Loan Classification'

AU agency says Fitch’s downgrade of Afreximbank is ‘flawed’

An African Union credit review body has questioned Fitch ratings agency's downgrade of Africa Export-Import Bank last week, saying it was based on a “flawed” categorisation of loans and calling for the decision to be reconsidered.

Africa: APRM - 'Fitch's Downgrade of Afreximbank's Rating Is Based On Flawed Loan Classification'

In line with Decision [Assembly/AU/Dec.631(XXVII)] of the African Union Assembly of Heads of State and Government and Article 6(g) of the African Peer Review Mechanism (APRM) Statute (2020), which together mandate the APRM to provide support to African countries in the field of credit ratings. The APRM routinely undertakes independent analyses of rating actions and commentaries issued by international credit rating agencies on African sovereigns…

Afreximbank downgrade raises questions about bank’s strategy

The downgrade of the African Export-Import Bank (Afreximbank) by Fitch Ratings to a notch above junk status last week has sparked massive conversation. The New York-based agency cut Afreximbank down to a BBB- rating with a negative outlook from a BBB stable outlook, rating noting higher risks from its sovereign loans being restructured.But the African Union’s African Peer Review Mechanism — a unit that analyzes international credit ratings of Af…

AU Lambasts Fitch For Downgrading Afreximbank

By Adedapo Adesanya The credit review body of the African Union (AU), African Peer Review Mechanism (APRM), and Fitch ratings agency have engaged in a mild row following the latter’s recent downgrade of the Africa Export-Import Bank (Afreximbank). Last Wednesday, Fitch downgraded the Cairo-based lender’s credit rating to BBB-, one notch above junk ratings, from […]

APRM Slams Fitch Over Afreximbank Downgrade, Cites Legal Misclassification of Sovereign Loans - TV360 Nigeria

The African Peer Review Mechanism (APRM), a specialised instrument of the African Union, has strongly criticised international credit rating agency Fitch Ratings for its recent decision to downgrade the African Export-Import Bank (Afreximbank) from ‘BBB’ to ‘BBB-’ with a negative outlook. In a statement issued on Sunday, the APRM said the downgrade was based on flawed classifications of sovereign loans, warning that such assessments risk distort…