The Financial Services Conduct Authority has granted Standard & Poor’s Global Ratings Europe Limited (SPGRE), registration as an external credit rating agency in terms of section 5 of the Credit Rating Services Act, 2012 (Act No. 24 of 2012).
A cross-border merger took place on 1 July 2018 where Standard & Poor’s Credit Market Services Europe Limited (SPCMSE) merged into SPGRE which is incorporated in Ireland. The organisational change included S&P Global Ratings France SAS and S&P Global Ratings Italy Srl being merged into SPGRE.
SPGRE continues to operate in South Africa through its South African branch and is registered with the European Securities and Markets Authority (ESMA).
The credit ratings issued by SPCMSE will continue to be monitored and reviewed by SPGRE and may continue to be used for regulatory purposes.