Africa forges ahead with own ratings agency plan
Ratings bodies were blamed for not accurately rating risky mortgage-backed securities that led to the 2008 economic recession, at the time casting doubt on their integrity
23 June 2019 - 05:05
A body affiliated to the AU is pressing ahead with plans to explore the establishment of a credit ratings agency as members, once again, question the integrity of international agencies.
An ad hoc technical committee, led by the African Peer Review Mechanism (APRM), held its second meeting this month in Johannesburg to solicit expert input on concerns about ratings agencies, mainly S&P Global Ratings, Moody's and Fitch Ratings — the three largest worldwide.
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