An alliance that includes the “I Score” credit inquiry company, in technical partnership with the “Standard & Poors” agency, is close to obtaining a license for the second credit rating company in Egypt, according to 3 people familiar with the file who spoke to Al-Sharq.
Last year, the Financial Regulatory Authority in Egypt received 3 applications from local companies, in cooperation with foreign institutions, to obtain a license to practice the activity of evaluating, classifying and arranging securities.
The new license to classify securities in Egypt would help reduce costs and time for companies issuing bonds, or that need to update their credit ratings. The average delay in approving approvals for issuing securitization bonds was approximately 66 days.
It should be noted that Egypt has only one local credit rating agency at the present time, which is the Middle East Credit Rating and Investor Service Company (MERIS), which is a joint venture between the Moody’s credit rating agency and the international financial and banking consulting company FINBI, and provides ratings for institutions. Finance and companies issuing structured financial transactions.
One of the people familiar with the file said, “The Financial Supervision Authority notified the winning consortium to proceed with the licensing procedures after completing a number of required papers, including a certificate of non-ambiguity,” indicating that the Financial Supervision Authority “may officially announce the winner within the next few days.” .
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