African credit agency launches amid debt rise
The African Union has launched its first credit rating agency on the continent in Mauritius, aiming to provide independent and more balanced financial assessments, and to alleviate the debt burdens of African countries, which amount to $163 billion annually, covering 23 unclassified economies. The agency seeks to support the improvement of borrowing terms and to enhance investor confidence by assessing risks more accurately, especially amid rising debt service costs and difficulties accessing capital markets.
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