African Union launches new credit rating agency
The African Union has launched the continent's first credit rating agency in Mauritius to provide an alternative to Western firms. The new entity aims to improve market access and lower borrowing costs for African economies.
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The African Union launched the continent's first credit rating agency on Wednesday afternoon in Mauritius. The Africa Credit Rating Agency aims to counter dominant agencies like S&P GLOBAL INC and MOODY'S CORP. African leaders hope the new institution will lower soaring external borrowing costs across the region.
