African Union to launch own credit ratings agency

African Union to launch own credit ratings agency

• The African Union is set to launch its own credit ratings agency in the coming year as a direct response to concerns regarding what it perceives as biased credit assessments given to African nations. This move aims to provide a more balanced evaluation of lending risks associated with African countries and bolster investment in the continent.
• The African Union, along with its member nations’ leaders, has long criticized the “big three” credit ratings agencies—Moody’s, Fitch, and S&P Global Ratings—for what they perceive as unfair assessments of lending risks related to African countries. They argue that these agencies are often too quick to downgrade African nations, particularly during crises such as the global health pandemic.

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Published date : 20 Sep 2023 05:25PM