🇲🇺 Africa Credit Rating Agency launches in Mauritius

The Africa Credit Rating Agency launched this month in Balaclava, Mauritius, as a new private-sector ratings agency aimed at assessing African sovereigns, sub-sovereigns and corporates. AfCRA, first endorsed by African leaders at the African Union Summit in Addis Ababa in 2017, says it will use context-specific methodologies to complement Moody’s, S&P and Fitch and expand coverage beyond the 32 African countries currently rated by at least one of the Big Three.

Speaking at the launch, Mauritius Foreign Minister Berenger Ramphoul said more than 25 African countries suffered negative rating actions during the Covid-19 pandemic. The African Union Commission said AfCRA is intended to strengthen Africa’s financial architecture, while its backers said the agency is wholly private-sector owned and funded to support independence and credibility.

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@africaintel