LocationsReports and Papers
In 2026, UNDP commissioned a series of policy papers from the Concilium Advisors of the Africa Credit Ratings Initiative (ACRI) — a group of leading former sovereign rating practitioners and analysts whose collective experience spans decades of work at the major rating agencies and across global financial markets. The papers examine core dimensions of sovereign credit ratings as they affect African economies, from the rating process and methodology to the relationship between ratings and borrowing costs to the prospects for regional rating institutions.
These papers informed the substantive foundation of the ACRI Sovereign Credit Ratings Handbook for African Policymakers. They are published here in full as a resource for policymakers, researchers, and practitioners seeking deeper analytical engagement with the topics the handbook addresses.
*ACRI Working Policy Papers are commissioned by the UNDP Regional Bureau for Africa under the Africa Credit Ratings Initiative (ACRI) and are authored by independent experts engaged by UNDP, including former rating agency analysts and other specialists in sovereign credit ratings, sovereign debt, and African political economy. The papers examine key dimensions of sovereign credit ratings as they affect African economies. The views expressed in them are those of the authors and do not necessarily reflect those of UNDP, the United Nations, or any of its member states.
