How Fitch, Moody’s, S&P rate countries’ credit scores

Credit rating agencies play a vital role in determining the cost of debt for many African countries who have been accessing international capital markets to fund their budgets.

The role played by these agencies has, however, been put under scrutiny by leaders including President William Ruto who has raised issues over potential bias against African issuers. This critique has seen African governments move to create their own rating outfit.