Nigerian credit ratings agency Agusto & Co to start operations in Kenya

By bne IntelliNews May 28, 2013

Nigerian credit ratings agency Agusto & Co has received the green light from Kenya’s Capital Markets Authority (CMA) to set up operations in Nairobi, Business Daily reported. Lagos-based Agusto & Co will become the second ratings agency to start operations in Kenya after South Africa’s Global Credit Rating (GCR). According to market players, the entry of the Nigerian ratings agency into Kenya might be a sign that there is growing interest from West African investors into Kenyan debt instruments. Institutional investors prefer, and some are even required by law, to invest in securities that are rated by credit rating agencies approved by domestic regulators.

The Kenyan debt market has experienced a boom in terms of government securities in recent years, but corporate issuance has lagged behind. Only eight Kenyan companies currently have bonds, worth a total of KES 60bn (EUR 546.5mn), listed at the Nairobi Securities Exchange.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

ENRG advances surveying at Niger uranium project Agadez within highly prospective Tim Mersoi Basin

ENRG Elements, which focuses on exploring and developing uranium and copper projects, has used radiometrics and a recent trenching program to identify potentially significant uranium mineralisation ... more

Zimbabwe nabs 65 illegal currency traders as new gold-backed ZIG slides on parallel market

Zimbabwe's government has, in response to a depreciation of a currency introduced on April 8, arrested 65 alleged illegal currency dealers and closed bank accounts of businesses suspected to ... more

South Africa's Zuma tries to sell carbon credits to Russian NGO after Zimbabwe failure

Former South African President Jacob Zuma is discussing trading carbon credits with a Russian NGO, facilitated by a new Belarusian entity, according to ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    6 days ago
  2. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    7 days ago
  3. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  4. Russia’s war economy boosted by rising oil prices
    8 days ago
  5. Russia’s $13.4bn current account surplus in March second highest since 2007
    7 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    25 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    29 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    27 days ago
  5. UBN: Russia could take the Baltic states in 48 hours
    1 month ago

Reports

Dismiss