Tension is brewing between Africa and the Big Three credit rating agencies -- Fitch, Standard & Poor’s, and Moody’s — with the African Union (AU) accusing the agencies of unfair and ill-informed assessment of African economies. African states have had their risk profiles downgraded over the first six months of 2023, making acquiring debt more expensive.
Between January and June 2023, 13 negative rating actions, seven of which seven were downgrades and the remaining six negative changes in outlook, were assigned to 11 countries in Africa by the Big Three.
