The African Export-Import Bank (Afreximbank) has regained its investment-grade status after S&P Global Ratings assigned the institution a BBB+ rating with a stable outlook, marking the first rating issued by the agency on the lender in nearly 12 years. The upgrade represents a significant endorsement of Afreximbank’s financial strength and development mandate, coming months after the bank’s highly publicized dispute with Fitch Ratings over its treatment in African sovereign debt restructurings. S&P cited the bank’s strong shareholder support, resilient business model, and track record as a countercyclical lender as key factors underpinning the rating.
According to Reuters, Afreximbank’s total assets expanded to $42.3 billion at the end of 2025, up from $7.1 billion in 2015, reflecting a decade of rapid growth in trade finance, project financing, and development lending across Africa. The rating is one notch above Moody’s existing Baa2 assessment and follows Afreximbank’s decision earlier this year to terminate its relationship with Fitch after disagreements over the agency’s assessment of the bank’s exposure to debt restructuring programmes in Ghana and Zambia.
While S&P acknowledged concerns surrounding sovereign debt restructurings and payment arrears in some African markets, it noted that nearly 80 percent of Afreximbank’s lending portfolio is directed toward private-sector clients, reducing the relevance of preferred creditor status in its rating methodology. The agency nevertheless warned that future sovereign debt crises could affect asset quality if additional countries enter comprehensive restructuring programmes under frameworks such as the G20 Common Framework.
The restoration of investment-grade status is expected to strengthen Afreximbank’s access to international capital markets and potentially lower its borrowing costs at a time when demand for trade finance and infrastructure funding across Africa continues to grow. Analysts say the rating could broaden the pool of global institutional investors eligible to hold the bank’s debt, reinforcing its capacity to support cross-border trade, industrialization, and economic integration initiatives under the African Continental Free Trade Area (AfCFTA). The decision also represents a significant vote of confidence in one of Africa’s most influential multilateral financial institutions as it expands its role in financing the continent’s long-term development agenda.
