A growing body of evidence suggests major credit rating agencies—Moody’s, S&P Global, and Fitch—frequently reach starkly different conclusions when assessing African borrowers, raising questions about consistency and fairness. Fitch downgraded the African Export-Import Bank twice before withdrawing its rating entirely, while Moody’s and S&P kept it at an investment-grade rating, a three-notch gap rarely seen elsewhere. Similarly, Fitch’s 2024 downgrade of Dangote Industries over refinery risk proved overly pessimistic once the project succeeded. Kenya saw a sharp split too, after Moody’s downgraded the country in 2024, only to reverse course within months, costing Kenya an estimated $150 million in extra borrowing costs. Researchers argue that Africa should increasingly challenge questionable ratings and diversify its funding sources by engaging Asian financial markets and regional rating agencies, which have often assigned stronger assessments to African institutions. They also urge Western agencies to base assessments more strictly on data rather than subjective judgment.
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