The Monetary Sector Conduct Authority (FSCA) has granted Sovereign Africa Rankings (Pty) Ltd (SAR) a licence to function as a sovereign credit score scores company from March 8, 2022.
SAR is predicated in Centurion in Gauteng, and is authorised to difficulty sovereign scores solely.
Based on the FSCA, a sovereign credit standing is one the place:
- The entity rated is a state or a provincial or native authority of the state; or
- The issuer of the debt or monetary obligation, debt safety, or different monetary instrument is a state, or a provincial or native authority of the state; or
- A particular objective car of a state or a provincial or native authority of a state.
It says the approval is when it comes to Part 5 of the Credit score Score Providers Act which “seeks to make sure that credit score scores issued in South Africa meet minimal requirements of high quality, transparency and independence”.
Solely corporations licensed by the authority as credit standing companies might lawfully difficulty credit score scores which may be used for regulatory functions.
Palesa Mofokeng is a Moneyweb intern.