China Chengxin International Credit Rating Co. Limited (CCXI) has reaffirmed the African Export-Import Bank (Afreximbank)’s AAA issuer credit rating, maintaining a stable outlook.
The agency attributed the rating to the bank’s “high strategic positioning, sound risk management, very strong profitability, prudent liquidity management, and high coverage ratio of current assets on short-term debts.” It also projected rating stability over the next 12 to 18 months, despite ongoing global macroeconomic risks.
The announcement comes shortly after Japan Credit Rating Agency also affirmed Afreximbank at A- with a stable outlook.
Afreximbank’s Senior Executive Vice President, Denys Denya, described the CCXI rating as a significant milestone. “It is a demonstration of Afreximbank’s systemic relevance to Africa and the Caribbean, our key focus regions,” he said, adding that the affirmation would allow the bank to deepen access to China’s Panda bond market while diversifying its global funding base.
Denya noted the rating underscores the bank’s preferred creditor status across its 53 African and 13 Caribbean member states.
In April, Afreximbank issued its first Panda bond in China’s Interbank Bond Market, raising RMB 2.2 billion ($303 million) in an oversubscribed offer, reflecting strong investor confidence.
