By Bassey Udo
GCR Ratings has affirmed the Afreximbank’s international scale long and short-term issuer ratings of A and A2 respectively.
The global ratings agency’s outlook of the bank was revised to “Stable” from “Rating Watch Evolving”.
Also, GCR has affirmed the international scale long term programme rating of the Bank on the $5 billion Global Medium Term Note (GMTN) Programme of A.
The improved rating reflects GCR’s assessment of the Bank’s “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 said the Bank’s solid capitalisation and diversified funding profile provide significant buffers against emerging credit risks.
Besides, the GCR report acknowledged the Bank’s diverse shareholding base, adding that the outlook change from “Rating Watch Evolving” to “Stable” was an indication that there was immaterial downside risk related to sovereign debt restructurings.
The Managing Director and Group Treasurer, Treasury and Markets at Afreximbank, Chandi Mwenebungu, expressed delight at the GCR rating, which affirmed the Bank’s credit rating 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,” he said.
“It is also pleasing to note that GCR acknowledges 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,” Mr Mwenebungu added.
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.
