Q FM Africa's Modern Radio
The first ever Zambian credit rating agency called Credit Rating Agency Limited has been launched in Lusaka today.
The CRA has also become the fourth known credit rating agency in Sub-Sahara Africa after rating agencies licensed by authorities in South Africa, Nigeria and Senegal.
Speaking at the official laun
ch of the agency, CRA Chief Executive Officer, Wilson Kalumba has disclosed that his agency which incorporated in 2011 and commenced its operations in 2014 has been licensed by the Security Exchange Commission (SEC).
Mr. Kalumba says CRA has also sought accreditation with the European Association of Credit Rating Agencies (EACRA).
And officiating during the the launch, Finance Minister Alexander Chikwanda expressed government’s optimism that the advent of CRA will leverage the performance of capital and money markets.
In a speech read for him by Finance permanent Secretary Pamela Kabamba, Mr. Chikwanda has observed that credit ratings by CRA will address information asymmetry.
Speaking earlier, Securities Exchange Commission Chairperson Chintu Mulendema disclosed that the commission is also in the process of reviewing the International Organization of Securities Commission (IOSCO) credit rating agency code of conduct.
He says the rating agency code of conduct is meant to govern activities of credit rating agencies with the view of helping them guard against conflicts of interest in their scope of work.