The African Union launched the African Credit Rating Agency (AfCRA) on October 7, 2026, at the second annual African Conference on Credit Ratings in Port Louis, Mauritius, where the agency is based. The African Peer Review Mechanism developed the agency's institutional framework, governance and methodology, and it now operates independently.
The launch comes nearly three years after Ethiopia missed a debt payment on a one-billion-dollar Eurobond. Ethiopia is being used as a test case for the new rating agency, signalling the AU's focus on addressing credit assessment challenges across the continent.
The establishment of AfCRA represents a significant step for the African Union, with the decision to create the agency having been endorsed eight years earlier. The agency's creation reflects efforts to build regional financial infrastructure and improve how credit risk is evaluated across African markets.