The high rating reflects CCXI's assessment of Afreximbank's strengths including high strategic positioning, sound risk management system, flexibility in business development, very strong profitability, prudent liquidity management and very high coverage ratio of current assets on short-term debts.

The rating agency further said that it believed that Afreximbank's ratings would remain stable over the next 12 to18 months, even after consideration of downside credit risks to the macroeconomic and operating environments affecting the Bank.

Reacting to the rating announcement, Mr. Denys Denya, Afreximbank's Senior Executive Vice President, noted that the rating affirms the Bank's systemic relevance to Africa and its prudent risk management. He noted it will enhance funding diversification opportunities, particularly in China's Panda bond market, supporting Afreximbank's development mandate and trade facilitation between Africa and China.

He reiterated Afreximbank's commitment to supporting trade finance in Africa and the Caribbean, even during challenging times. He noted the Bank's commitment to its member states and all clients was unwavering and this resilient track record had significantly contributed to its formidable rating. He said the Chinese rating affirmed the Bank's preferred creditor status among its 53 member states in Africa and 13 in the Caribbean.

Mr. Denya said: "CCXI's rating is a remarkable achievement amid a challenging operating environment, and it is a demonstration of Afreximbank's systemic relevance to Africa and the Caribbean, our key focus regions." Mr. Denya added that the rating exemplified the Bank's resilience and would enable it to leverage the breadth and depth of the Panda market as it diversifies its funding sources globally.

The CCXI rating is expected to galvanise greater support for Afreximbank's funding plans in the Chinese market and enhance the Bank's market presence and credit position.

In April this year, Afreximbank successfully issued its landmark inaugural Panda bond in the China Interbank Bond Market, raising RMB 2.2 billion (US $ 303 million). The issuance was a significant success, being oversubscribed and attracting high-quality investors, which underscored strong market confidence in the Bank's credit profile. This pioneering transaction not only provides Afreximbank with a new source of diversified funding in Chinese Renminbi but also establishes a crucial benchmark for other African borrowers and marks a key step in deepening financial cooperation between Africa and China.