Case study The Financial Sector in Zambia implements a system that assesses the credit worth of individuals and firms borrowing funds from the financial institutions. The Credit Reference Bureau (CRB) in Zambia is a firm that collects information from financial institutions and provides consumer credit information on individual consumers to financial institutions. The financial system has an effective system of assessing the credit worth of the borrower. However, the Capital market bond issuer's ratings are unknown in Zambia and the credit worth of paying pack the bond principal and coupon payments is not determined. Assuming that the Government, through the Ministry of Finance (MoF) has partnered with African Financial Markets Initiative to develop a credit rating agency to rate financial institutions in Zambia. The partnership has engaged you as a consultant to develop this agency. Required i. ii. iii. Briefly give an overview on African Financial Markets Initiative [5 marks) Establish and describe the credit worth criteria or methods to be employed in the credit worth analysis of the bonds issuers? (Mention at least 2 methods). [10 marks] Applying one mentioned method in (i), evaluate the credit worth of: [20 marks] a. Zambia National Commercial Bank (ZANACO) b. First National Bank C. Indo Zambia Bank d. ABSA e. Standard chartered bank