Egypt is moving forward with its plans to grant its second credit rating license to the alliance between Beltone and the Italian group Crave Credit Ratings, Al-Sharq Business newspaper reported, citing a statement from the Financial Regulatory Authority.
The consortium has obtained approval to begin the process of establishing and licensing the new credit rating company.
The Financial Regulatory Authority confirmed that the Beltone-Creef Alliance has obtained the highest degree of compliance with the standards for obtaining a license to evaluate, classify, and rank securities.
Last year, the Authority received three applications from local companies, in cooperation with foreign institutions, to obtain licenses to evaluate and classify securities.
The new license is expected to help reduce the cost and time required for companies issuing bonds or updating their credit ratings, as the average approval time for securitization bond issues was previously around 66 days.
Currently, the only local credit rating agency in Egypt is Middle East Rating and Investor Services (MERIS), a joint venture between Moody's and FINBY, which provides ratings for financial institutions and structured financial transactions.
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