African Union launches continent’s first credit rating agency

The Africa Credit Rating Agency (AfCRA) — the creation of which African leaders endorsed in 2018 — was launched at a ceremony attended by African officials in Port Louis, the capital of Mauritius, where it will be based.

The African Union launched the continent's first credit rating agency ​on Wednesday, seeking to provide an alternative to the "big three" global ratings agencies as debt burdens weigh on many ‌African economies.

The AU says the agency should help improve African countries' access to capital markets and provide investors with more balanced and context-specific assessments of economies across the continent.