The study looked at how different credit rating agencies rate African countries and if their ratings influence each other. They found that Moody's tends to follow Fitch more often than the other way around. Standard and Poor's leads Fitch in downgrades and sometimes after upgrades. Fitch leads Moody's in downgrades and sometimes after upgrades. For most countries, there is no evidence of rating agencies copying each other, but some countries show signs of this behavior. Fitch shows a pattern of behavior for Mozambique, while Standard and Poor's acts differently for the same country.