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African countries are being driven into a debt dependency cycle. Three major factors are at play.
EMMANUEL DUNAND/AFP/Getty Images
Moody’s acquisitions are a setback for the development of alternative rating agencies to compete against the monopoly of the ‘big three’.
Morocco wanted to spend more on health care. As a result, its credit rating was cut.
AP Photo/Abdeljalil Bounhar
Low-income countries that sought to spend more on health care during the pandemic have been hit with ratings downgrades, while others avoided borrowing entirely.
Tall buildings, smaller credit rating.
Jeremy Reddington
The first trading day after Moody’s cut the UK to three notches below Aaa, the markets shrugged.
Boom times.
Artem Aleshko
A toxic mix of ugly politics and structural economic problems is threatening to tip debt over the edge.