Ratings Company to Serve Africa Set to Be Ready by Next Year
- Proposed rater to operate independently of the African Union
- Continent’s borrowers seek fairer treatment in debt markets
Commercial buildings on the skyline beyond Oxford Street in Accra, Ghana.
Photographer: Ernest Ankomah/BloombergThis article is for subscribers only.
A credit ratings company being established to meet the unique needs of Africa’s sovereign borrowers is set to be ready by next year, an African Union official said Saturday.
The institution won’t be owned by the regional bloc, Albert Muchanga, its commissioner for development, trade, tourism, industry and minerals, told reporters in Ghana’s capital, Accra. It’d be independent and professional, he said.