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African Union seeks to launch its own credit ratings agency in 2024, following dissatisfaction with foreign ratings
The African Union intends to launch a new African credit rating agency in 2024.
The AU argues that the "big three" rating agencies’ Moody's, Fitch and S&P Global Ratings do not fairly assess the risk of lending to African countries.
African countries could save up to $74.5 billion if credit ratings were based on less subjective assessments, citing "idiosyncrasies."
The African Union intends to launch a new African credit rating agency next year to tackle the organisation's concerns regarding what it perceives as unjust ratings assigned to countries on the continent.
