New West African rating agency unveiled
A new rating agency, known as Emerging Markets Ratings West Africa- West Africa Rating Agency (EMR-WARA), has been launched in Africa this month.This agency, with a 100 million CFA capital (€152,500), is now able to deliver in Africa and in emerging and pre emerging markets, a service to issuers and investors in line with the international standards of quality and professionalism.
Shareholders of EMR-WARA include Seydina Tandian, specialist in the field of credit rating in emerging and pre emerging markets and Anouar Hassoune, former Vice-President and Senior Credit Officer at Moody’s Investor Services.
According to Seydina Tandyan, quoted by Africa Time, the rise of domestic and regional bond markets issued in local and regional currencies is creating the need for local and/or regional credit rating agencies such as EMR-WARA.
"The 'big ones' (Such as Moody's or S&P) won't have any economical interest in positioning themselves on all local/regional markets on the planet: the costs are too high and the margins too thin to legitimate high investments. Wara will therefore benefit from a local presence, a proximity and a regional legitimacy," he said.