Sovereign creditworthiness is interpreted and reassessed through several overlapping evaluations.
- Senior Fellow, Centre for Policy Research (UNU-CPR), United Nations University
- Reader in Law, Aston University
Sovereign debt markets are beginning to develop a way to manage shocks before they escalate into full restructuring episodes.
External assessors don’t always have a full view of a country’s creditworthiness.
Rating agencies shape the policy space for pursuing development goals. Yet they remain private firms, operating under commercial incentives.
Les agences de notation réagissent désormais aux dysfonctionnments dans la gouvernance, et pas seulement aux équilibres macroéconomiques.
Credit rating agencies are now responding to governance failures, not just macroeconomic trends.
A successful African rating agency would shift power in global finance.
South Africa could use its leadership role to champion the establishment of a global credit rating capacity building initiative.
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