S&P Global Ratings Upgrades Afreximbank to Investment Grade with BBB+/A-2 Rating

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S&P Global Ratings has assigned Afreximbank an investment-grade credit rating of BBB+/A-2, marking a significant milestone for the African Export-Import Bank and reflecting strong confidence in its financial strength and strategic importance to the continent.

This is the first time Afreximbank has received an investment-grade rating from S&P Global Ratings. The BBB+ long-term issuer rating and A-2 short-term rating underscore the bank’s robust capital base, prudent risk management, and critical role in supporting intra-African trade and economic development.

The upgrade comes at a pivotal time as Afreximbank continues to scale its operations to meet the growing financing needs of African economies. The investment-grade rating is expected to lower the bank’s cost of funding on international capital markets, enabling it to provide more affordable financing to African governments, businesses, and financial institutions.

Afreximbank has played a central role in supporting African economies through various initiatives, including trade finance, project finance, and emergency facilities during economic crises. The bank has also been a key driver of the African Continental Free Trade Area (AfCFTA) by providing facilities to promote intra-African trade and reduce reliance on external markets.

S&P highlighted Afreximbank’s solid capitalisation, diversified portfolio, and strong shareholder support from African governments and institutions. The rating also reflects the bank’s improving profitability and prudent approach to risk management despite operating in a challenging macroeconomic environment across many African markets.

This investment-grade rating positions Afreximbank alongside other leading multilateral development banks and is expected to attract a broader pool of international investors seeking exposure to African development finance.

Professor Benedict Oramah, President of Afreximbank, welcomed the rating as recognition of the bank’s growing relevance and the resilience of its business model. He noted that the upgrade will further strengthen the bank’s ability to mobilise resources for Africa’s development priorities, including infrastructure, industrialisation, and trade integration.

The assignment of an investment-grade rating by S&P is the latest in a series of positive developments for Afreximbank, reinforcing its position as a cornerstone financial institution driving Africa’s economic transformation.