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The African Union has launched the Africa Credit Rating Agency in Mauritius, creating the continent's first pan-African credit-rating institution in a move aimed at improving how African risk is assessed, priced and understood by global capital markets
Photo credit: Pool
The African Union (AU) launched the continent's first credit rating agency, seeking to provide an alternative to the "big three" global ratings agencies.
African leaders have long accused Western ratings agencies including S&P, Moody's and Fitch of unfair assessment of African countries and moving too quickly to downgrade them during crises.