African Export-Import Bank (Afreximbank) welcomes GCR Ratings’ (“GCR”) latest Rating action on the Bank, affirming the Bank’s international scale long and short-term issuer ratings of A and A2 respectively. The outlook was revised to “Stable” from “Rating Watch Evolving”.
GCR has also affirmed the international scale long term programme rating on the USD 5 billion Global Medium Term Note (GMTN) Programme of A.
The improved rating reflects GCR’s assessment of a “robust counter-cyclical mandate, underpinned by a strong track record and ongoing preferential creditor treatment (PCT) from shareholders.” South Africa became the latest country to affirm the Bank’s Establishment Treaty and Preferred Creditor Status when it recently signed the Instrument of Accession to become a full sovereign member of the Bank. The report continued: “The Bank’s solid capitalisation and diversified funding profile provide significant buffers against emerging credit risks.” The report also acknowledged the Bank’s diverse shareholding base.
The outlook change from “Rating Watch Evolving” to “Stable”, according to GCR, indicates that there is immaterial downside risk related to sovereign debt restructurings.
Commenting on the Rating action, Mr. Chandi Mwenebungu, Managing Director and Group Treasurer, Treasury and Markets at Afreximbank said: “We are delighted that GCR has affirmed its credit rating on the Bank and resolved the outlook to ‘stable’, particularly in the light of recent positive credit developments. We continue to assert that the Bank’s preferred creditor treatment is enshrined in the Bank’s Establishment Agreement, ratified by all member states. It is not a matter of opinion or convention; it is fact.
Mr Mwenebungu continued, “It is also pleasing to note that GCR acknowledges the Afreximbank’s strong liquidity and capitalisation, and resilient risk profile. This is testament to the Bank’s financial and operational strength and that it has been able to demonstrate firm resolve in the face of continued macro-economic pressures and a challenging environment.”
Afreximbank’s risk management framework was independently assessed in 2025 and registered as complying with international standard ISO 31000:2018, which demonstrates the Bank’s commitment to maintaining best practices in support of its mandate as the Continent’s leading Trade Finance Institution. The registration, issued by Certification Partner Global (CPG), follows rigorous independent assessments of Afreximbank’s enterprise risk management framework by external auditors, with zero non-conformities.
Africa Fact: One of the government positions in mediaeval Kanem-Borno was Astronomer Royal.
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South Africa is the second largest economy on the continent, only exceeded by Nigeria, which has more than three times the population size. Over the past decade, South Africa has experienced rapid change and is ranked by the World Bank as an “upper middle-income country”. Of the more than 400 companies on the continent earning more than $1bn annually, about half are in South Africa. The country is nevertheless highly divided, with a large part of the population living in poverty. The division makes South Africa an interesting economy with possibilities in many segments. The country have well-developed infrastructure and world-class financial sector to support business activities, and is one of the highest ranking African countries on the ease of doing business index.