African Union launches continent's first credit rating agency

The African Union has launched the African Credit Rating Agency (AfCRA) in Port Louis, Mauritius, as an alternative to the three major global agencies.

• The African Union launched AfCRA on Wednesday in Port Louis, Mauritius, where the agency will be headquartered.
• The AU said the agency will rate sovereign borrowers, financial institutions, and private companies, operating independently with shareholder and operational funding.
• The AU said annual external debt service for the continent rose to $163 billion in 2024, from $61 billion in 2010.
• The AU said 23 African economies currently lack a rating from the three major global agencies.