The African Export-Import Banks decision to terminate its credit rating relationship with Fitch Ratings sends a signal that the continent is looking to re-engineer credit models for development in its favour.
This is according to Dr Misheck Mutize, the lead expert for country support on ratings agencies at the AU. He told Business Times this week a major point of difference exists between African institutions and the agencies over their methodologies.
Afreximbank makes a strong statement to ratings agencies that they need to reconfigure their approach. They are not flexible about methodology they classify Afreximbank as a baby multilateral institution. That is a very prejudicial description for a multilateral institution already, he said.
