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Rated Africa: Ratings and the Development of African Financial Markets

Patrick Raleigh Directeur-associé de la notation souveraine, Standard & Poor’s Ratings Services. Contact :

Africa has become increasingly integrated to the global financial and economic system in recent years. This article considers the role of credit ratings in that trend. Ratings facilitate the issuance of debt by rated entities, but they serve other purposes too, such as providing a risk benchmark for economies and overcoming information asymmetries between investors and debt issuers. Although Africa can boast some of the world’s fastest growth rates, the recently strong investor demand for African debt is more likely a consequence of historically low interest rates in more developed markets. Moreover, despite encouraging progress, the continent’s financial systems remain comparatively underdeveloped.

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1   Données de la Conférence des Nations unies sur le commerce et le développement (CNUCED).

2   Ibid.

3   Données de la BAD, l’Initiative africaine des marchés financiers.

4   Base de données de l’Inclusion financière mondiale (Global Findex Database), Banque mondiale (2011),

5   Voir le site :

6   Freedom in the World 2014, Freedom House,

7   « 2014 Indice Ibrahim de la gouvernance africaine (IIAG) », Fondation Ibrahim,

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