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The African Peer Review Mechanism (APRM) has called on Fitch Ratings and other international credit rating agencies to rely more on verified, official information obtained directly from issuers and relevant institutions, rather than predominantly on secondary public narratives, when formulating rating opinions.
The statement comes in response to Afreximbank’s decision to terminate its contractual relationship with Fitch Ratings, announced in a public statement on 23 January 2026.
Read more: Afreximbank cuts ties with fitch, cites misalignment with mandate
The Bank said it no longer believed that Fitch’s credit rating exercise reflected a proper understanding of its Establishment Agreement, mission, and mandate.
According to the APRM, the decision is not linked to Fitch’s June 2025 downgrade of Afreximbank, nor to anticipated future ratings.
At the time of the downgrade, Moody’s Ratings took a similar action, and both agencies continue to assign Afreximbank broadly comparable ratings, which remain within investment-grade levels.
Instead, the APRM notes that the Bank’s decision reflects concerns over the quality of rating analysis, including Fitch’s rationale, analytical framing, and interpretation of underlying risk factors.
The APRM said that when ratings were based on speculative or prejudicial assumptions rather than fact-based, issuer-engaged analysis, they risked misinforming investors.
“As a matter of consequence, any future ratings issued by Fitch in respect of the Bank would be unsolicited and non-participatory,” the APRM said.
The mechanism also urged a critical review of the criteria, assumptions, and analytical approaches used by non-Africa-based analysts in assessing African institutions, highlighting the importance of context-sensitive evaluations to ensure fairness and credibility.
“Objective, transparent, and context-sensitive credit assessments are essential for the development of African financial markets and for ensuring fair, credible, and consistent treatment of African institutions within the global financial system,” the APRM said.
The APRM reaffirmed its commitment to promoting accuracy, balance, transparency, and analytical integrity in credit ratings, aligning with its broader mandate to advance good governance, financial sovereignty, and sustainable development across Africa.
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