S&P Denies Bias in African Sovereign Ratings; AU Plans Own Agency

S&P Global Ratings refutes claims of bias in African sovereign credit ratings at the G-20 Summit in Johannesburg. Roberto Sifon Arevalo emphasized the transparency and established criteria used in their assessments.

The African Union, led by Kenya's President William Ruto, aims to launch its credit rating agency to counter alleged biases. This move follows accusations of flawed methodologies by major rating agencies, impacting African countries' borrowing costs.

The AU's initiative seeks to address the perceived unfairness and potential economic losses in the region.