Reports
Rating the Globe: Reforming Credit Rating Agencies for an Equitable Financial Architecture
Along with co-author Maha Khan, this report addresses the core issues affecting the Global South’s relationship with the credit rating agencies in this impactful report. The report provides context for the current debt crisis and the credit rating relationship, before providing details of the ‘systemic levers’ that are preventing progression. After addressing the calls for change, the details of recommendations, and current initiatives, the report provides three distinct recommendations that can have a positive impact on the sector and the Global South.
This report was produced as part of Daniel’s Senior Fellowship at the United Nations University Centre for Policy Research
Understanding the Effects of the ‘Credit Rating Impasse’ upon Sovereign Debt Treatment
Along with Saveshen Pillay, and Prabesh Luitel, this extensive report was made possible by funded support from the Open Society Foundations (OSF). The report presented an intensive excavation of the debt crisis on the African continent, including the history, major players, and systemic contributing factors.
The report then presents an innovative solution for the problems affecting the Common Framework, including developing special systems to allow for the reduction of liability in the space, and special rating procedures.
Capacity Building: A Solution to the Credit Rating Impasse
A short piece for UNU CPR on the potential benefits of formalising credit rating capacity building for the globe, after the positive lessons learned from capacity building initiatives in Africa.
The piece calls for action from leading multilateral UN institutions like UNCTAD or UN DESA to lead capacity building training initiatives for different regions, aimed at efficiency increases in the relationship between developing world sovereign debtor and credit rating agency.
The Role of the Credit Rating Agencies in the ‘Debt Crisis’
As part of the UN University World Institute for Development Economics Research’s Reforming the International Financial Architecture project, this Background Note contributes to the Helsinki Symposium, held on the 26th March 2025.
The Background note provides insights into the mechanistic position of the credit rating agencies, the prevailing calls for change, and perspectives on where reform efforts need to focus moving forward.
The E(SG)volution of Credit Rating Regulation
Contributed to the second edition of the sector-defining series, this time called ‘Riding the Dragon: The Future of ESG Law’. Led by ESG pioneers Paul Clements-Hunt and Professor Paul Watchman, the report provides extensive detail on a variety of important aspects to the world of ESG and Law.
Daniel’s chapter focused on identifying how ESG has grown within the sphere of credit rating agencies and how regulators and legislators could better address the issue of ESG integration into credit rating analysis.
To Fix Africa’s Debt Crisis, Reform Credit Rating Agencies - OECD
A short piece for the OECD, focused on the debt crisis and the impact of credit rating agencies. The piece is part of the OECD’s Development Matters series and injects short and sharp analysis into policy debates. The piece was commissioned prior to Daniel speaking at the OECD’s G20 Workshop in Paris (December 2024).
Written for leading accounting bodies on credit ratings
Two pieces for the Association of Certified Chartered Accountants (ACCA) and the Association of Accounting Technicians (AAT) both on the field of credit ratings and their impact upon the African Continent. You can download ‘Debt Relief in Limbo’ (ACCA) and ‘The Impact of the Pandemic: Credit Ratings, the Pandemic and Africa’ (AAT) via the links to the right >
Going beyond methodology: The Credit Rating Committee’s vital but overlooked role in climate risk integration
Along with co-author Hazel Ilango, this piece focuses on the often-neglected importance of the credit rating committee within the credit rating process. This report examines the critical nature of effectively integrated climate risk analysis into credit ratings and, as a result, interrogates the credit rating process to understand better why this is not happening to an adequate degree. The report focuses then on the credit rating committee processes of the ‘Big Three’ credit rating agencies - S&P, Moody’s, and Fitch - and finds that it is the ‘black box’ of the process. Recommendations include mandating more transparency within the process, and enforcing the injection of climate specialism onto each and every rating committee formed, with a revolving array of experts to be injected into the credit rating committees.