African Union to Launch African Credit Ratings Agency in 2024 to Provide Alternative Country Ratings
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The African Union plans to launch an African credit ratings agency in 2024 to provide alternative ratings for African countries.
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The agency would aim to address concerns that ratings from major agencies like Moody's and S&P are unfair to African countries.
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The new agency would provide additional context and assessment of lending risks in Africa.
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The AU believes the new agency can help African countries access international capital on more favorable terms.
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The agency would be self-funded, private sector driven, with AU oversight. Investors have expressed interest in the additional ratings information.