{"id":653751,"date":"2024-10-22T00:00:00","date_gmt":"2024-10-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/22\/beltone-financial-holding-crif-alliance-is-setting-up-egypts-second-credit-rating-agency\/"},"modified":"2024-10-22T00:00:00","modified_gmt":"2024-10-22T00:00:00","slug":"beltone-financial-holding-crif-alliance-is-setting-up-egypts-second-credit-rating-agency","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/22\/beltone-financial-holding-crif-alliance-is-setting-up-egypts-second-credit-rating-agency\/","title":{"rendered":"Beltone Financial Holding, CRIF alliance is setting up Egypt\u2019s second credit rating agency"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Beltone and CRIF have got the FRA\u2019s greenlight to become the country\u2019s second credit <\/strong><strong>rating agency: <\/strong>Beltone Financial Holding and Italy\u2019s CRIF Ratings were chosen by the Financial Regulatory Authority in June to set up the country\u2019s second credit rating agency, the authority said in a <a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%aa%d8%ad%d8%a7%d9%84%d9%81-%d8%a7%d9%84%d9%85%d9%82%d8%af%d9%85-%d9%85%d9%86-%d8%a8%d9%84%d8%aa%d9%88%d9%86-%d9%83%d8%a7%d8%a8%d9%8a%d8%aa%d8%a7%d9%84-%d9%8a%d8%a8%d8%af%d8%a3\/\" style=\"\" rel=\"noopener\">statement<\/a> yesterday. The alliance scored the highest on a set of criteria assessing all those who applied for a license<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And then there were two: <\/strong>Once the new credit rating agency gets off the ground, the Middle East Rating and Investors Service (MERIS) \u2014 a joint venture between Moody\u2019s and Finance and Banking Consultants International (FinBi) \u2014 will no longer be the country\u2019s sole credit rating agency.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But what does a credit rating agency do exactly? <\/strong>At its core, a credit rating agency assesses the creditworthiness of entities \u2014 which in the case of the license being offered up the FRA is securities. The license from the FRA will allow the newly-formed credit rating agency to assess the issuer of the security, the nitty-gritty details of the security, and its collateral, along with broader economic factors \u2014 think interest rates, growth rates, inflation \u2014 and then give the security a rating that ranks the risk of default. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A rating isn\u2019t just for show: <\/strong>Without accurate and fair ratings, it makes it much harder for investors to assess the risks of acquiring certain debts and muddies the water in terms of pricing \u2014 effectively putting off investors altogether.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speeding up the process: <\/strong>The establishment of another credit rating agency is expected to speed up the process of issuing debt \u2014 the process currently takes some 66 days, according to <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/companies\/57426\/%D9%85%D8%B5%D8%B1-%D8%AA%D9%88%D8%A7%D9%81%D9%82-%D9%85%D8%A8%D8%AF%D8%A6%D9%8A%D8%A7-%D8%B9%D9%84%D9%89-%D9%85%D9%86%D8%AD-%D8%B1%D8%AE%D8%B5%D8%A9-%D8%AA%D8%B5%D9%86%D9%8A%D9%81-%D8%A7%D8%A6%D8%AA%D9%85%D8%A7%D9%86%D9%8A-%D9%84%D8%AA%D8%AD%D8%A7%D9%84%D9%81-%D8%A8%D9%84%D8%AA%D9%88%D9%86\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>They weren\u2019t the only companies vying for the license: <\/strong>An alliance of state-backed credit bureau I-Score and American credit rating giant S&amp;P Global Ratings alongside another alliance made up of local investment advisory firm MGM Financial Banking and Consultants and India-based Infomerics Valuation and Rating also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ffd2845-cea9-4336-babc-ac5ca57be813\/bids-roll-in-for-the-fra%25e2%2580%2599s-credit-rating-license.-plus:-arab-agri-investment,-megamind,-and-gulf-nations\" style=\"\" rel=\"noopener\">made bids for the license late last year<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The search for another rating agency to handle the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d087ef18-4b4b-4559-ac5d-ac851785b9eb\" style=\"\" rel=\"noopener\">growing popularity<\/a> of local asset-backed securities has been in the works for a few years. The FRA scrapped its requirement that at least 10% of the agency be owned by international firms in a bid to move the process along. The authority was in negotiations with an unnamed company interested in the license in 2022 before opening the door for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfa5e60a-6249-4c47-9cb4-66c872931c1e\" style=\"\" rel=\"noopener\">applications<\/a> in August 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>We\u2019re yet to hear when we will see the credit rating agency launch \u2014 or even what its name will be \u2014 but we do know from the FRA that they\u2019ve started the process of establishing and licensing the agency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Middle East Rating and Investors Service is currently the country\u2019s only rating agency<\/p>\n","protected":false},"author":1,"featured_media":653752,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[8313],"tags":[812,7106,88,72,76,503],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-beltone-financial","tag-debt","tag-debt-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-financial-services","wpautop","entry"],"acf":{"mongo_id":"628c2580-2ec3-4e09-bece-15ce866fb39b","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1864.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Beltone Financial Holding, CRIF alliance is setting up Egypt\u2019s second credit rating agency","related_issue":[653738],"teaser":"The Middle East Rating and Investors Service is currently the country\u2019s only rating agency","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.33afd69b-a02d-4af5-9056-bfe02bd37945.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Beltone Financial Holding, CRIF alliance is setting up Egypt\u2019s second credit rating agency - 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\/2024\/10\/22\/beltone-financial-holding-crif-alliance-is-setting-up-egypts-second-credit-rating-agency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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SERVICES&quot;","block_context":{"text":"FINANCIAL SERVICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-services\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/393.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":670786,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/26\/moodys-seeks-majority-stake-in-local-credit-rating-agency-meris\/","url_meta":{"origin":653751,"position":2},"title":"Moody\u2019s seeks majority stake in local credit rating agency MERIS","author":"enterpriseam admin","date":"26 August 2025","format":false,"excerpt":"The terms of the transaction were not disclosed","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/1389.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593487,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/28\/fra-approves-beltone-financial-capital-increase-to-pay-off-oih-debt\/","url_meta":{"origin":653751,"position":3},"title":"FRA approves Beltone Financial capital increase to pay off OIH debt","author":"enterpriseam admin","date":"28 November 2019","format":false,"excerpt":"The Financial Regulatory Authority (FRA) has approved Beltone Financial\u2019s planned capital increase to EGP 898 mn from EGP 338 mn through a rights issue of 280 mn shares at EGP 2 apiece, according to a FRA disclosure to the EGX (pdf). The capital increase will allow Beltone to pay off\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547924,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/investors-to-bid-for-rating-agency-license-this-quarter\/","url_meta":{"origin":653751,"position":4},"title":"Investors to bid for rating agency license this quarter","author":"enterpriseam admin","date":"19 July 2022","format":false,"excerpt":"A second local credit rating agency could be in the works: A group of investors led by MGM Banking and Financial Consultants Chairman Gamal Moharram is in talks with the Financial Regulatory Authority (FRA) for a license to operate a credit rating agency, Dreny and Partners Founding Partner Moataz Dreny\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547200,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/bidding-war-over-beltone-afoot\/","url_meta":{"origin":653751,"position":5},"title":"Bidding war over Beltone afoot?","author":"enterpriseam admin","date":"13 June 2022","format":false,"excerpt":"UAE\u2019s Chimera puts in an offer for Beltone: Our friends at Abu-Dhabi based investment firm Chimera Investments have submitted a non-binding offer to acquire a controlling stake in Beltone Financial, according to a statement (pdf) by the Financial Regulatory Authority (FRA) and disclosures by Chimera (pdf) and Beltone (pdf).The breakdown:\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/249.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\/653751","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=653751"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653751\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/653738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/653752"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=653751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=653751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=653751"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=653751"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=653751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}