{"id":656699,"date":"2024-12-09T00:00:00","date_gmt":"2024-12-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/09\/beltone-capital-and-italys-crif-ratings-form-jv-to-launch-the-countrys-second-credit-rating-agency\/"},"modified":"2024-12-09T00:00:00","modified_gmt":"2024-12-09T00:00:00","slug":"beltone-capital-and-italys-crif-ratings-form-jv-to-launch-the-countrys-second-credit-rating-agency","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/09\/beltone-capital-and-italys-crif-ratings-form-jv-to-launch-the-countrys-second-credit-rating-agency\/","title":{"rendered":"Beltone Capital and Italy\u2019s CRIF Ratings form JV to launch the country\u2019s second credit rating agency"},"content":{"rendered":"

The <\/strong>wait<\/strong> for Egypt\u2019s second credit rating agency is almost over<\/strong>, with Beltone Financial Holding subsidiary Beltone Capital forming a joint venture with Italy\u2019s CRIF Ratings to launch a credit ratings and business solutions company in Egypt, with sights set on expanding to the region at large, a joint statement (pdf)<\/a> reads. The Financial Regulatory Authority selected<\/a> the alliance earlier this year to set up a second credit rating agency. <\/p>\n

The entity is expected to commence operations following FRA approval<\/strong>, although the exact launch date and its official name remain under wraps. 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

The new venture will offer a \u201cholistic set of solutions\u201d to the local market<\/strong>, including debt ratings, SME and corporate borrower assessments, portfolio evaluations for non-banking lenders, ESG compliance services, unsolicited ratings, and lender onboarding tools, according to the statement. <\/p>\n

\u201cThis partnership reflects Beltone\u2019s commitment to serving the market with <\/strong>innovative, data-backed solutions.<\/strong> Together, we will deliver unmatched services that combine CRIF\u2019s credit rating track-record with Beltone\u2019s on-ground knowledge and data-driven approach,\u201d Beltone Holding Group CEO Dalia Khorshid said. <\/p>\n

The search for another rating agency to handle the <\/strong>growing popularity<\/a><\/strong> of local <\/strong>asset-backed securities has been in the works for a few years.<\/strong> 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 applications<\/a> in August 2023. The establishment of another credit rating agency is expected to speed up the process of issuing debt, which currently takes some 66 days. <\/p>\n

Sound smart: <\/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. 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","protected":false},"excerpt":{"rendered":"

The entity is expected to commence operations following FRA approval<\/p>\n","protected":false},"author":1,"featured_media":656700,"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":[8313],"tags":[812,7106,88,72,76,503],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-656699","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":"3a3accc7-2e9f-4d99-9c22-c9931377ef35","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/755.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Beltone Capital and Italy\u2019s CRIF Ratings form JV to launch the country\u2019s second credit rating agency","related_issue":[656689],"teaser":"The entity is expected to commence operations following FRA approval","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.7ebf7e32-556c-42cc-bc21-04581fe0481a.mp3"},"yoast_head":"\nBeltone Capital and Italy\u2019s CRIF Ratings form JV to launch the country\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\/12\/09\/beltone-capital-and-italys-crif-ratings-form-jv-to-launch-the-countrys-second-credit-rating-agency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beltone Capital and Italy\u2019s CRIF Ratings form JV to launch 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SERVICES"","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":543490,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/fra-loosens-license-requirements-for-credit-rating-agencies\/","url_meta":{"origin":656699,"position":2},"title":"FRA loosens license requirements for credit rating agencies","author":"enterpriseam admin","date":"3 February 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":656699,"position":3},"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 "M&A WATCH"","block_context":{"text":"M&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":547924,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/investors-to-bid-for-rating-agency-license-this-quarter\/","url_meta":{"origin":656699,"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 "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\/internal\/536550.png?resize=350%2C200&ssl=1","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":656699,"position":5},"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 "Banking + Finance"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656699","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=656699"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656699\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/656689"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/656700"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=656699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=656699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=656699"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=656699"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=656699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}