Fitch Ratings has downgraded African Export-Import Bank’s (Afreximbank) Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-‘.
Fitch also downgraded Afreximbank’s Short-Term IDR to ‘B’, from ‘F3’, and the long-term ratings on the bank’s global medium-term note programme and debt issuance to ‘BB+’, from ‘BBB-‘.
The global rating institution subsequently withdrew the bank’s ratings.
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In a statement posted on its website, Fitch…
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