Moody’s Cuts Afrexim Rating on Zambia, Ghana Debt Reworks

Moody’s Ratings cut its assessment of African Export-Import Bank’s debt closer to junk status, a month after Fitch Ratings did the same, citing a weaker-than-expected asset performance.

The ratings company lowered Afreximbank to Baa2 from Baa1, it said in a statement on Tuesday. That’s two steps from being rated speculative, which would limit the pool of funds allowed to invest in the lender’s debt.