Credit ratings: Togo among first countries targeted by new African agency AfCRA

The new pan-African credit rating agency AfCRA plans to conduct research in Togo, Kenya, Seychelles, Burundi and Mauritius, interim chief executive Sifiso Falala said. The agency is in commercial discussions with 15 African states and expects to issue its first sovereign ratings before the end of March 2027, although no rating contract with the Togolese government has been confirmed. Launched in Mauritius on October 7 with African Union support, AfCRA says it will give greater weight to local economic data and governments’ repayment histories. Togo is already rated B+ with a positive outlook by S&P and B3 with a positive outlook by Moody’s; AfCRA also plans to raise $15 million to fund its expansion.