By Benadeta Mwaura - Reporter
Egypt, 16 June 2026 - The African Export-Import Bank (Afreximbank) has regained investment-grade status after receiving a BBB+ long-term issuer credit rating with a stable outlook from S&P Global Ratings, a move expected to strengthen the lender's access to global capital markets and lower its borrowing costs.
The rating marks Afreximbank's first assessment by S&P in nearly 12 years and comes months after the Cairo-based multilateral lender ended its relationship with Fitch Ratings following disagreements over the agency's assessment of the bank's risk profile and role in sovereign debt restructurings.
S&P assigned Afreximbank a BBB+ long-term rating and an A-2 short-term rating, both with a stable outlook, placing the institution firmly within investment-grade territory. The rating is one notch above Moody's current Baa2 rating.
According to S&P, the rating reflects Afreximbank's growing strategic importance to African economies, strong shareholder support and its expanding role as a countercyclical lender during periods of economic stress.
The agency cited the bank's ability to provide critical financing support during crises, including the COVID-19 pandemic and recent global supply chain disruptions.
In its assessment, S&P highlighted Afreximbank's "record as a countercyclical lender" and its "substantial shareholder support" as key factors underpinning the rating.
The investment-grade status is expected to enhance Afreximbank's lending firepower by enabling it to raise funds at more competitive rates in international debt markets. Lower funding costs could translate into increased financing for trade, infrastructure, industrialisation and private sector development across the continent.
Credit ratings play a critical role in determining the cost of capital for borrowers. Institutions with investment-grade ratings typically enjoy wider access to global investors and can secure financing at lower interest rates than lower-rated peers.
The upgrade comes after a turbulent period for the lender.
Related articles
In 2025, Fitch downgraded Afreximbank to BBB- with a negative outlook, citing concerns over the bank's exposure to sovereign debt restructurings in countries including Ghana and Zambia.
The bank rejected the assessment, arguing that the methodology failed to recognise its unique mandate as a multilateral financial institution.
In January 2026, Afreximbank terminated its rating agreement with Fitch, saying future ratings issued by the agency would be unsolicited. The African Peer Review Mechanism, an organ of the African Union, backed the lender's decision, warning that unsolicited ratings could risk "misinforming investors."
Despite the ratings dispute, investor confidence in the bank has remained resilient. Earlier this year, JPMorgan upgraded its outlook on Afreximbank bonds, citing confidence in the institution's ability to adapt its lending practices and maintain support from African governments.
Afreximbank's balance sheet has expanded significantly over the past decade, with total assets growing to $42.3 billion at the end of 2025 from $7.1 billion in 2015, underscoring its increasingly prominent role in financing trade and economic development across Africa.
The latest rating is expected to strengthen the bank's position as African countries seek new sources of development finance amid tighter global financial conditions, rising debt-servicing costs and increasing demand for funding to support industrialisation and intra-African trade under the African Continental Free Trade Area (AfCFTA).