NAIROBI, Kenya, Sept 11 – The Capital Markets Authority (CMA) has approved the registration of Metropol Corporation Ltd as a credit rating agency.
This brings to three the number of credit rating agencies licensed to operate in Kenya.
CMA, in a statement released to newsrooms, says the Authority is satisfied that Metropol comploed with stipulated rules for credit rating agencies in Kenya.
“The Authority has considered the application and reviewed the documents submitted in support of the application and is satisfied that they comply with the Guidelines on the Approval and Registration of Credit Rating Agencies in Kenya as well as the IOSCO Code of Conduct Fundamentals for Credit Rating Agencies,” read the statement.
Metropol Corporation Ltd intends to focus on providing credit ratings to Small and Medium Enterprises to increase their potential to access money diversified capital sources.
A credit rating agency is an organisation that evaluates the relative creditworthiness of issuers of securities and assigns ratings to such securities.
Previously, Global Credit Rating Company and Agusto and Company Limited have dominated the market in Kenya.