The Registrar of Credit Rating Agencies announces the cancellation of registration of Fitch Southern Africa (Proprietary) Limited (“Fitch Southern Africa”) as a credit rating agency with effect from 4 September 2015. This follows a request by Fitch Southern Africa that their registration be cancelled.
The cancellation of the registration means that Fitch Southern Africa, or any other Fitch office or entity, will no longer issue credit ratings for regulatory purposes in South Africa. Activities related to credit rating services, including marketing and advertising of and canvassing for credit ratings by Fitch Southern Africa are no longer permitted.
To ensure continuity and to maintain financial stability the ratings issued by Fitch Southern Africa will be valid for a period of 4 months and ratings issued in conjunction with another rating agency will be valid for a period of 14 days after the date of publication of the Notice of deregistration on the Financial Services Board’s (FSB) website. Thereafter, Fitch clients will need to seek a rating from another FSB registered credit rating agency.
As a condition of cancellation, Fitch Southern Africa has been advised by the Registrar to inform its South African clients and rated entities of its de-registration.
Further details are available on the Financial Services Board website.
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