Latest news with #AfricanExportImportBank
Bloomberg
2 days ago
- Business
- Bloomberg
African Panel Challenges Fitch's Afreximbank Ratings Downgrade
An African Union-backed panel challenged Fitch Ratings to review its downgrade of the African Export-Import Bank's rating, questioning the company's classification of loans to three countries. Fitch cut its assessment of Afreximbank's debt closer to junk earlier this week, citing the risk that money owed to the lender by sovereign borrowers might be included in those nations' debt restructurings. The downgrade reduced the bank's rating to BBB- — one step above the speculative level that would limit the pool of funds allowed to invest in its debt.
Bloomberg
19-05-2025
- Business
- Bloomberg
Ghana at Loggerheads With Afreximbank Over $768 Million Debt
Ghana, emerging from a bruising debt restructuring process, faces a dispute with African Export-Import Bank, one of its biggest commercial creditors, over whether it should take losses on a $768.4 million liability. The finance ministry says the debt must be treated comparably to others it's restructured, from bilateral loans with China to $13 billion in eurobonds. But Afreximbank — which was set up by African countries and private investors more than three decades ago — insists it has preferred creditor status, meaning member states can't force it to take losses.
