Africa now has a credit-rating agency of its own, launched in Mauritius

The Africa Credit Rating Agency (AfCRA) was officially launched in Mauritius, according to the African Union, as a private-sector-owned, independent agency. AU Commission Chairperson Mahmoud Ali Youssouf called it a milestone. AfCRA will rate African sovereigns, companies and financial institutions using local data and expertise — intended to complement the existing international agencies and to extend coverage to economies and firms that currently have no rating at all. Fairer, context-aware ratings could lower borrowing costs, freeing money for infrastructure, health and renewable energy.