{"id":543490,"date":"2022-02-03T04:03:42","date_gmt":"2022-02-03T04:03:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/"},"modified":"2022-02-03T04:03:42","modified_gmt":"2022-02-03T04:03:42","slug":"fra-loosens-license-requirements-for-credit-rating-agencies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/","title":{"rendered":"FRA loosens license requirements for credit rating agencies"},"content":{"rendered":"

<\/a> The Financial Regulatory Authority (FRA) has just made it easier for credit rating <\/strong>companies to get operating licenses in Egypt. <\/strong>The FRA scrapped a requirement for credit rating agencies to be at least 10% owned by international firms in a move meant to increase the number of local credit-rating firms and boost our non-banking financial sector, the regulator said yesterday in a statement (pdf).<\/a><\/p>\n

At least one Egyptian credit rating agency is expected to make its debut in 2022,<\/strong> FRA Deputy Chairman Islam Azzam said in an interview with Bloomberg Asharq (watch, runtime: 0:56)<\/a>. An unidentified company has already been in talks with the regulator for the past few months, and Azzam expects it to launch soon after the announcement of the new changes \u2014 though it has not submitted its registration documents yet, he said.<\/p>\n

Egypt has only one local credit rating agency right now: <\/strong>MERIS<\/a> (Middle East Rating & Investors Service) is a joint venture between Moody\u2019s and Finance and Banking Consultants International (FinBi), and provides ratings for financial institutions, corporate issuers, and structured finance transactions.<\/p>\n

And MERIS can\u2019t do it all alone: <\/strong>More ratings agencies are needed to handle the growing popularity of local asset-backed securities, Assam said (watch, runtime: 2:01<\/a>). Some EGP 7.2 bn worth of securitized bonds<\/a> have already been issued this year and FRA head Mohamed Omran predicted another EGP 2.5-3.5 bn<\/a> would be taken to market before the end of 1Q.<\/p>\n

International shareholders may no longer be required, but international standards are: <\/strong>The new credit companies will be locally funded, but they will be required to follow internationally-recognized standards and regulations, Azzam said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Regulatory Authority (FRA) has just made it easier for credit rating companies to get operating licenses in Egypt. The FRA scrapped a requirement for credit rating agencies to be at least 10% owned by international firms in a move meant to increase the number of local credit-rating firms and boost our non-banking financial […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[799,88,72,76,800],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543490","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-credit-rating","tag-debt-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-islam-azzam","wpautop","entry"],"acf":{"mongo_id":"d087ef18-4b4b-4559-ac5d-ac851785b9eb","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[543480],"teaser":"","voice_url":""},"yoast_head":"\nFRA loosens license requirements for credit rating agencies - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA loosens license requirements for credit rating agencies\" \/>\n<meta property=\"og:description\" content=\"The Financial Regulatory Authority (FRA) has just made it easier for credit rating companies to get operating licenses in Egypt. The FRA scrapped a requirement for credit rating agencies to be at least 10% owned by international firms in a move meant to increase the number of local credit-rating firms and boost our non-banking financial […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-03T04:03:42+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FRA loosens license requirements for credit rating agencies\",\"datePublished\":\"2022-02-03T04:03:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/\"},\"wordCount\":273,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"credit rating\",\"debt watch\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"Islam Azzam\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/\",\"name\":\"FRA loosens license requirements for credit rating agencies - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"datePublished\":\"2022-02-03T04:03:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FRA loosens license requirements for credit rating agencies\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"FRA loosens license requirements for credit rating agencies - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/","og_locale":"en_US","og_type":"article","og_title":"FRA loosens license requirements for credit rating agencies","og_description":"The Financial Regulatory Authority (FRA) has just made it easier for credit rating companies to get operating licenses in Egypt. The FRA scrapped a requirement for credit rating agencies to be at least 10% owned by international firms in a move meant to increase the number of local credit-rating firms and boost our non-banking financial […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-02-03T04:03:42+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"FRA loosens license requirements for credit rating agencies","datePublished":"2022-02-03T04:03:42+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/"},"wordCount":273,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["credit rating","debt watch","EnterpriseAM","Financial Regulatory Authority","Islam Azzam"],"articleSection":["DEBT WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/","name":"FRA loosens license requirements for credit rating agencies - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2022-02-03T04:03:42+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"FRA loosens license requirements for credit rating agencies"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":687305,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/10\/egypts-financial-regulatory-authority-appoints-islam-azzam-as-new-head\/","url_meta":{"origin":543490,"position":0},"title":"Egypt\u2019s Financial Regulatory Authority appoints Islam Azzam as new head","author":"enterpriseam admin","date":"10 March 2026","format":false,"excerpt":"Azzam enters his new role after holding a leading position at the EGX","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/3\/532.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594645,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/03\/fra-to-issue-licenses-for-sme-credit-rating-agencies\/","url_meta":{"origin":543490,"position":1},"title":"FRA to issue licenses for SME credit rating agencies","author":"enterpriseam admin","date":"3 September 2019","format":false,"excerpt":"REGULATION WATCH- Market regulator paves the way for SME bond sales: SMEs will soon be able to issue short- and medium-term bonds after the Financial Regulatory Authority (FRA) gave the go-ahead to SME credit rating agencies to obtain licenses, the regulator said in a statement (pdf). FRA Chairman Mohamed Omran\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":694881,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/20\/new-fra-chairman-islam-azzam-appointed-as-iosco-vice-chair\/","url_meta":{"origin":543490,"position":2},"title":"New FRA Chairman Islam Azzam appointed as Iosco vice chair","author":"enterpriseam admin","date":"20 April 2026","format":false,"excerpt":"Azzam will also chair the Growth and Emerging Markets Committee through 2028","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/3\/532.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546851,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/fra-releases-four-year-strategy-to-boost-egx-liquidity-says-our-first-future-flow-issuance-is-imminent\/","url_meta":{"origin":543490,"position":3},"title":"FRA releases four-year strategy to boost EGX liquidity + says our first future flow issuance is \u201cimminent\u201d","author":"enterpriseam admin","date":"31 May 2022","format":false,"excerpt":"The Financial Regulatory Authority (FRA) wants to see the EGX\u2019s market cap more than double to EGP 1.6 tn by 2026, according to its new four-year strategy (pdf) published yesterday.This will require almost EGP 1 tn to enter the market over the next four years: The bourse\u2019s current market cap\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/412.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610696,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/26\/bids-roll-in-for-the-fras-credit-rating-license-plus-arab-agri-investment-megamind-and-gulf-nations\/","url_meta":{"origin":543490,"position":4},"title":"Bids roll in for the FRA\u2019s credit rating license. PLUS: Arab agri investment, Megamind, and Gulf nations","author":"enterpriseam admin","date":"26 November 2023","format":false,"excerpt":"Three consortiums have submitted bids for the FRA\u2019s credit rating license","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1352.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":656699,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/09\/beltone-capital-and-italys-crif-ratings-form-jv-to-launch-the-countrys-second-credit-rating-agency\/","url_meta":{"origin":543490,"position":5},"title":"Beltone Capital and Italy\u2019s CRIF Ratings form JV to launch the country\u2019s second credit rating agency","author":"enterpriseam admin","date":"9 December 2024","format":false,"excerpt":"The entity is expected to commence operations following FRA approval","rel":"","context":"In "FINANCIAL SERVICES"","block_context":{"text":"FINANCIAL SERVICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-services\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/755.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543490"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543490\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543480"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543490"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543490"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}