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Fitch downgrades Afreximbank to junk and withdraws rating
['Lib George']
Zawya.com - All Regional News
LONDON: Ratings agency Fitch downgraded Afreximbank to junk and withdrew future ratings - a final move in a relationship with the African lender that had become combative.
"The bank's inclusion in Ghana's restructuring underlines its weakening policy importance, in our view," Fitch wrote.
Fitch said the apparent hit taken in Ghana's debt restructuring raised the bank's risk profile to 'high risk' from 'medium'.
Afreximbank, formally known as the African Export-Import Bank, did not immediately reply to a request for comment.
"We view this as evidence that Afreximbank did not benefit from its preferred creditor status," Fitch wrote.