African Union launches continent's first credit rating agency

The African Union launched 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 Africa Credit Rating Agency (AfCRA) — the creation of which African leaders endorsed in 2018 — was ​launched at a ceremony ‌attended by African officials in Port Louis, the capital of Mauritius, where it will be based.