Afreximbank Chief Plays Down Fitch Junk-Rating Downgrade

African Export-Import Bank President George Elombi shrugged off Fitch Ratings’ downgrade of the lender’s credit to junk, saying its finances remain solid and it will continue to support government policy priorities.

“If we continue to invest in African countries, then the policy relevance remains,” Elombi said on the sidelines of the signing of an $11 billion support package for South Africa on Wednesday “Our treasury remains extremely solid, and the rating agencies say so themselves.”