الهيئة العامة للرقابة المالية

• FRA urges all news websites to refrain from publishing inaccurate or incorrect information about the Authority’s activities.
• FRA remains committed to studying and addressing the needs of markets to enhance their competitiveness and ability to attract investments. This focus is aimed at promoting financial stability and strengthening the role of non-bank financial sector in the national economy

Beltone Capital achieved the highest score based on the evaluation criteria set for obtaining a license to conduct securities evaluation, rating, and ranking activities. This decision was based on the conclusions of the licensing committee, following FRA’s Decree issued in August 2023. Beltone Capital was formally notified on 24 June 2024, to proceed with the establishment and licensing processes to be Egypt’s second credit rating agency.

This follows FRA’s decree No. 151 of 2023, which opened the door for qualified entities to apply for a single new license to engage in evaluating, rating and ranking securities. The decree emphasizes the importance of meeting established criteria to ensure maximum transparency and impartiality in credit rating process.

The establishment of a second credit rating company, alongside the existing licensed company, will significantly contribute to enhancing the capabilities of the non-bank financial sector and fostering increased competition. This will ultimately enhance market stability and benefit all market participants, including enterprises and individuals.

Given the growing demand for bond issuances, particularly securitization bonds, investors rely heavily on credit rating agencies to make informed investment and financing decisions. To ensure the quality and reliability of credit ratings, regulatory authorities in various countries implement disciplined legal and regulatory frameworks to govern the business of credit rating agencies.

FRA continues to closely monitor the evolving needs of non-bank financial markets, both domestically and internationally. Also, FRA is committed to implementing measures that enhance market competitiveness and attract investments.

In response to recent inaccurate news reports regarding FRA’s activities, the Authority urges all news websites to verify information before publication.