Riyadh – Mubasher: Saudi Arabia’s Capital Market Authority (CMA) issued a decision authorizing SIMAH Rating Agency - under formation- to conduct credit rating activities.
The commencement of business shall be subject to fulfilling the requirements set out in the said resolution and accordingly obtaining a commencement letter from the CMA.
CMA said in September it received applications from six global agencies to undertake the credit rating activities in the kingdom.
The agencies are Standard &Poor’s, Credit Market Services Europe, Moody's Investors Services, Fitch Ratings, Islamic International Rating Agency and AM Best Europe Services.
On 8 July, the CMA said the agencies which already operate in the kingdom and submit their applications before 1 September will continue their operations until getting licenses from the market regulator.
