Moody’s Corporation (NYSE:MCO) announced today that it has fully acquired Global Credit Rating Company Limited (GCR), a leading domestic credit rating agency with operations spanning Africa. The announcement follows Moody’s 2022 acquisition of a majority stake in GCR, and expands Moody’s investment in Africa’s domestic credit markets.

Telecel Group, an Africa-focused telecommunications company, has recently acquired two West African units from MTN Group Ltd., Africa’s largest wireless company, in preparation for its upcoming initial public offering (IPO) within the next three years.

Moody's has announced its latest outlooks for nine banking sectors across Africa, with four negative, three stable, and two positive.

According to the African Stock Exchanges Focus Report by Oxford Business Group, African stock exchanges have an overall market capitalization of about $1.6 trillion which makes up about 2% of the global stock market capitalization.