Iran's National Financing Council approved draft regulations for classifying credit rating companies' activity levels during its 16th session, chaired by Acting Economy Minister Rahmatollah Akrami, Aftab News reported on May 30.

The new framework aims to develop Iran's credit assessment system and fulfil legal obligations under the delayed Production and Infrastructure Financing Law. The classification systems will establish standardised criteria for evaluating credit rating companies and guarantee funds operating within Iran's financial sector.

The council meeting included government agencies and private sector representatives at the Economy Ministry, where officials reviewed the draft executive regulation for "Classification of Credit Rating Companies' Activity Levels" under Article 2, Section B, Subsection 3-5-6 of the financing law.

Council members incorporated attendees' feedback before approving the regulatory framework designed to enhance oversight of domestic credit rating firms.

The session also approved draft regulations for "Classification of Non-Governmental Guarantee Funds' Activity Levels" under Article 2, Section B, Subsection 4-2-3 of the Production and Infrastructure Financing Law.

The guarantee fund classification system received approval following member review and amendments, completing the regulatory ecosystem for financial guarantees in accordance with legal requirements.

Both regulatory frameworks form part of Iran's broader effort to strengthen its financial infrastructure and improve access to credit for domestic businesses and infrastructure projects.

The first Iranian CRA to be registered was Borhan Credit Rating, which partnered with the Pakistan-based JCR-VIS agency in 2012. Later that year, Pars Kian Credit Rating worked with Pakistan’s PACRA, and Paya Credit Rating partnered with Turkey’s JCR Eurasia Rating.