China Chengxin International Credit Rating Co. Limited (CCXI) has affirmed the African Export-Import Bank (Afreximbank)’s AAA issuer credit rating with a stable outlook.
The agency cited Afreximbank’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 macroeconomic risks.
The announcement follows a similar affirmation by Japan Credit Rating Agency, which rated Afreximbank A- with a stable outlook.
Afreximbank’s Senior Executive Vice President, Denys Denya, said: “CCXI’s rating is a remarkable achievement amid a challenging operating environment, and it is a demonstration of Afreximbank’s systemic relevance to Africa and the Caribbean, our key focus regions.”
He added: “The rating exemplifies the Bank’s resilience and will enable it to leverage the breadth and depth of the Panda market as it diversifies its funding sources globally.”
Denya stressed that the affirmation underscored Afreximbank’s preferred creditor status among 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). The issue was oversubscribed, reflecting strong investor confidence.
James Emejo in Abuja
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