In a statement on Tuesday, the bank said it complies fully with International Financial Reporting Standards, including IFRS 9, which guides the classification of loan performance. These practices, it noted, are detailed in its 2024 financial statements and supported by an external audit.

Fitch, in a 4 June report, cited concerns that debt owed to the bank by some African governments could be subject to restructuring, prompting the revised outlook. The agency also said its definition of non-performing loans (NPLs) differs from Afreximbank’s, which “makes use of forward-looking information.”

The bank rejected suggestions that it could be involved in debt restructuring processes.

Afreximbank was established through a treaty signed by 53 African states. It argued that this legal foundation provides binding protections and limits its exposure to unilateral changes in borrower terms.

Despite the outlook revision, Fitch acknowledged the bank’s strong capital base, describing it as having a “strong equity to assets and guarantees ratio” and “excellent internal capital generation”. It also highlighted the “strong quality” of the bank’s treasury assets.