African Union to launch continent's first credit rating agency Africa 1 hour ago

What you need to know: Africa to launch rating agency in MauritiusMove expected to improve credit assessmentsAfCRA to operate on an independent basis The African Union will launch the continent's first credit rating agency on Wednesday, seeking to provide an alternative to the "big three" global ratings agencies as debt burdens weigh on many African economies.

The AU says the agency should help improve African countries' access to capital markets and provide investors with more balanced and context-specific assessments of economies across the continent.

The AU said the new agency is also expected to boost coverage, with 23 economies on the continent lacking a rating from the three big agencies.