To issue international sovereign bonds, financial markets require countries to have a credit rating from at least one or more of the three leading international credit rating agencies (CRAs) namely, Fitch, Moody’s and Standard & Poor’s (S&P). This constitutes a minimum requirement for capital market borrowing by market regulators, as adherence to international best practices of information disclosure and to reach out to a wider base of potential investors. The Financial and economic cost implications for Africa emanating from subjective credit ratings by international rating agencies(CRAs) has since left some…
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