African Union Plans to Launch Continental Credit Rating Agency

Officials of the African Union say the regional body plans to launch a new continental credit rating agency focused on addressing “unfair” lending risks designated to African nations. The AU’s move, expected next year, is in reaction to leaders who say global rating agencies, Moody’s, Fitch and S & P Global Ratings, do not fairly assess the risk of lending to African countries. The “big three” rating agencies have denied the allegation. Reporter Alice Rizzo has more.