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.
South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more
Fitch Ratings on April 7 downgraded South Africa to junk status following the removal of Pravin Gordhan as finance minister and the enusing political crisis. Fitch's downgrade to 'BB+' ... more
Standard & Poor’s ratings agency has cut South Africa's sovereign credit rating to 'BB+' from 'BBB-' and the long-term local currency rating to 'BBB-' from 'BBB', both with a negative ... more