Arab Finance: Egypt is moving forward with plans to grant its second credit rating license to the alliance between Beltone and Italian group Crif Ratings, Asharq Business reported, citing a statement by the Financial Regulatory Authority (FRA).

The alliance has been given approval to begin the process of establishing and licensing the new credit rating company.

The FRA confirmed that the Beltone-Crif alliance received the highest degree of compliance with the criteria for obtaining a license to evaluate, classify, and arrange securities. 

Last year, the FRA received three applications from local companies, in collaboration with foreign institutions, seeking licenses for securities evaluation and classification.

The new license is expected to help reduce both the cost and time required for companies issuing bonds or updating their credit ratings, as the average approval time for securitization bond issuances was previously around 66 days.

At present, Egypt’s only local credit rating agency is Middle East Rating and Investor Services (MERIS), a joint venture between Moody’s and FINBY, which provides ratings to financial institutions and structured financial transactions.

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