Wie beeinflussen die „Großen Drei“ Rating-Agenturen afrikanische Länder?

The document examines the rise of Eurobonds as a development financing tool in Africa and the corresponding increase in sovereign credit ratings assigned by Moody's, Fitch, and S&P. It finds that most African countries' ratings have deteriorated since their first assessment, increasing borrowing costs and sometimes forcing governments to prioritize debt repayment over public health and human rights during crises like COVID-19. The authors criticize the 'big three' for their oligopolistic nature, lack of local presence, and use of unsolicited ratings, recommending stricter regulation, better local knowledge, and transparent project-linked borrowing.

• Since 2006, Eurobonds have become a major financing source for African development, driven by a desire to reduce reliance on aid and increased integration into global capital markets. By 2021, 21 African countries held outstanding sovereign Eurobonds totaling €123 billion.
• The frequency of sovereign credit ratings in Africa increased significantly after the 2008 financial crisis. The number of African countries rated by Moody’s, Fitch, and Standard & Poor (S&P) grew from 10 in 2003 to 31 in 2021.
• Most African countries, particularly those issuing Eurobonds, have seen their credit ratings deteriorate compared to their initial ratings, which has increased the cost of servicing their debt.
• African countries face significantly higher international borrowing costs than other regions, with 10-year government bond interest rates between 5% and 16%, compared to near-zero or negative rates in the USA and Europe.
• The 'big three' rating agencies are accused of assigning 'unsolicited' ratings without issuer requests or formal contracts, with Moody's assigning the highest number of such ratings.
• Fear of credit downgrades has led some African governments to prioritize debt repayments over COVID-19 recovery and public health, employing tight macroeconomic policies that may hinder long-term growth.
• The authors highlight a lack of local presence and understanding among rating agencies: S&P and Moody's each have only one office in Africa (both in Johannesburg), while Fitch has none.

APA

Chirikure, N., & Chelwa, G. (2022). Wie beeinflussen die „Großen Drei“ Rating-Agenturen afrikanische Länder? Africa Policy Research Institute. https://afripoli.org/de/rating-agenturen-einfluss-afrika-en

Chicago

Chirikure, Nora, and Grieve Chelwa. Wie beeinflussen die „Großen Drei“ Rating-Agenturen afrikanische Länder? Africa Policy Research Institute, 2022. https://afripoli.org/de/rating-agenturen-einfluss-afrika-en.

Wikipedia

{{cite report |last1=Chirikure |first1=Nora |last2=Chelwa |first2=Grieve |title=Wie beeinflussen die „Großen Drei“ Rating-Agenturen afrikanische Länder? |publisher=Africa Policy Research Institute |date=19 April 2022 |url=https://afripoli.org/de/rating-agenturen-einfluss-afrika-en |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{chirikure2022wie, author = {Chirikure, Nora and Chelwa, Grieve}, title = {{Wie beeinflussen die „Großen Drei“ Rating-Agenturen afrikanische Länder?}}, institution = {Africa Policy Research Institute}, year = {2022}, month = apr, url = {https://afripoli.org/de/rating-agenturen-einfluss-afrika-en}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }