African Export-Import Bank — Moody’s

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Research Announcement:

Moody’s – Afreximbank’s credit profile

supported by trade finance business model and varied funding sources

New York, July 15, 2020 –

» Leverage is relatively high, but remains within the bank’s target range in risk-weighted terms » Borrower quality constrains development asset credit quality, but is mitigated by high degree of

collateralization

The credit profile of African Export-Import Bank (Afreximbank, Baa1 stable) is supported by its

collateralized trade finance business model, with a short average asset maturity of 20 months and a

relatively well-diversified loan portfolio that has allowed it to respond flexibly to the coronavirus crisis,

Moody’s Investors Service said in a report this week. Moreover, its shareholder base has increased to 156 members at the end of 2019 from 150 in 2018.

Paid-in capital also includes freely tradeable depositary receipts linked to Class D shares, which

provide an additional source of equity capital. “Afreximbank’s credit profile benefits from its established access to a varied range of funding sources

at competitive terms, which mitigate the risks arising from the bank’s relatively tight liquidity profile

compared to other rated multilateral development banks that lend on a longer-term and unsecured

basis,” said Elisa Parisi-Capone, a Moody’s Vice President – Senior Analyst and the report’s author. The stable outlook on the bank’s rating is supported by its successful equity-raising performance and

its record of adapting its strategy to challenges in the operating environment of member countries

without undermining its asset-quality performance. The outlook also reflects Moody’s expectation

that the risks associated with the bank’s Pandemic Trade Impact Mitigation Facility (PATIMFA) will be

managed without persistent detriment to leverage and asset quality metrics. Upward credit pressure could arise from higher capital and liquidity buffers which remain among the

lowest among rating peers. Conversely, a sustained weakening of asset quality, increased liquidity

pressures or a continued expansion in the leverage ratio could lead to a downgrade. Subscribers can access the report at:

http://www.moodys.com/researchdocumentcontentpage.aspx?

docid=PBC_1233342

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global

press information hotlines: New York <PhoneNo>+1-212-553-0376</PhoneNo>, London <PhoneNo>+44-20-7772-5456</PhoneNo>, Tokyo

<PhoneNo>+813-5408-4110</PhoneNo>, Hong Kong <PhoneNo>+852-3758-1350</PhoneNo>, Sydney <PhoneNo>+61-2-9270-8141</PhoneNo>, Mexico City

<PhoneNo>001-888-779-5833</PhoneNo>, São Paulo <PhoneNo>0800-891-2518</PhoneNo>, or Buenos Aires <PhoneNo>0800-666-3506</PhoneNo>. You can also email

us at [email protected] or visit our web site at www.moodys.com. This publication does not announce a credit rating action. For any credit ratings referenced in this

publication, please see the ratings tab on th
e issuer/entity page on

www.moodys.com

for the most

updated credit rating action information and rating history. Elisa Parisi-Capone

VP-Senior Analyst

Sovereign Risk Group

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Moody’s Investors Service, Inc.

JOURNALISTS: 1 <PhoneNo>212 553 0376</PhoneNo>

Client Service: 1 <PhoneNo>212 553 1653</PhoneNo> Marie Diron

MD-Sovereign/Sub Sovereign

Sovereign Risk Group

Moody’s Investors Service Singapore Pte. Ltd.

JOURNALISTS: 1 <PhoneNo>212 553 0376</PhoneNo>

Client Service: 1 <PhoneNo>212 553 1653</PhoneNo> Releasing Office:

Moody’s Investors Service, Inc.

250 Greenwich Street

New York, NY 10007

U.S.A.

JOURNALISTS: 1 <PhoneNo>212 553 0376</PhoneNo>

Client Service: 1 <PhoneNo>212 553 1653</PhoneNo>

licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY’S INVESTORS SERVICE, INC. AND/OR ITS CREDIT

RATINGS AFFILIATES ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE

CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES,

AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S

(COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S

INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT

MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY

ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S

RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES

OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S INVESTORS

SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK,

INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE

VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER

OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT

OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE

MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY

PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT

RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE

OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS,

ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE

RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S

CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT

COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR.

MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND

PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH

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INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH

SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS

ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS

AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS,

ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT

DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER

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BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH

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TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED

FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM

OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S

PRIOR WRITTEN CONSENT. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE

NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED

FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT

IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY’S from sources believed by it to be

accurate and reliable. Because of the possibility of human or mechanical error as well as other

factors, however, all information contained herein is provided “AS IS” without warranty of any kind.

MOODY’S adopts all necessary measures so that the information it uses in assigning a credit

rating is of sufficient quality and from sources MOODY’S considers to be reliable including, when

appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot

in every instance independently verify or validate information received in the rating process or in

preparing its Publications. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents,

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is advised in advance of the possibility of such losses or damages, including but not limited to:

(a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant

financial instrument is not the subject of a particular credit rating assigned by MOODY’S. To the extent permitted by law, MO
ODY’S and its directors, officers, employees, agents,

representatives, licensors and suppliers disclaim liability for any direct or compensatory losses

or damages caused to any person or entity, including but not limited to by any negligence (but

excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt,

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ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE

BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s

Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and

municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s

Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s

Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from

$1,000 to approximately $2,700,000. MCO and Moody’s investors Service also maintain policies

and procedures to address the independence of Moody’s Investors Service credit ratings and credit

rating processes. Information regarding certain affiliations that may exist between directors of MCO

and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and

have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted

annually at

www.moodys.com

under the heading “Investor Relations — Corporate Governance —

Director and Shareholder Affiliation Policy.” Additional terms for Australia only: Any publication into Australia of this document is pursuant to the

Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited

ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136

972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale

clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access

this document from within Australia, you represent to MOODY’S that you are, or are accessing

the document as a representative of, a “wholesale client” and that neither you nor the entity you

represent will directly or indirectly disseminate this document or its contents to “retail clients” within

the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as

to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or

any form of security that is available to retail investors. Additional terms for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit rating agency

subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc.,

a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating

agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization

(“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-

NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated

obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit

rating agencies registered with the Japan Financial Services Agency and their registration numbers

are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including

corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated

by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to

MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging

from JPY125,000 to approximately JPY250,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory

requirements.

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African Export-Import Bank — Moody’s

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