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Fitch places Afreximbank on Rating Watch Negative

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Fitch places Afreximbank on Rating Watch Negative

Fitch Ratings on Oct. 7 placed 's long-termissuer default rating of BBB-, short-term issuer default rating of F3 andsenior unsecured long-term rating of BBB- on Rating Watch Negative.

The ratings action is driven by the bank's increasedexposure to facilities to African countries' central banks as opposed to itstypical focus on low-risk trade finance loans.

According to Fitch's estimate, the rapid lending growth inthe first half of 2016 resulted in Afreximbank's equity/adjusted assets ratiodeclining to 13.2% at June from 17.8% at December 2015.