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African Union to launch African credit rating agency in October, adviser says - REUTERS
The African Peer Review Mechanism (APRM), an African Union-backed initiative, plans to launch a continent-wide credit rating agency in October as African policymakers seek to address high borrowing costs and reform the international financial architecture.
Launch Planned for Mauritius
Paul Sikazwe, technical adviser on debt to the African Union Commission, said the new African credit rating agency will be officially launched in Mauritius on October 5.
Sikazwe said the initiative represented progress towards Africa's broader ambition to push for reforms to the international financial system.
Alternative Credit Rating System
The APRM has been working for several years to establish an agency capable of assessing the creditworthiness of African sovereign governments.
The initiative is intended to provide an African-based alternative alongside the three dominant international credit rating agencies:
- Fitch Ratings
- Moody's Ratings
- S&P Global Ratings
