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South Africa's Financial Services Board de-registers Fitch Ratings
September 4, 2015 / 5:17 PM / 2 years ago

South Africa's Financial Services Board de-registers Fitch Ratings

JOHANNESBURG, Sept 4 (Reuters) - The South African Financial Services Board (FSB) said on Friday it had cancelled Fitch Rating’s registration following a request from the company.

The Financial Services Board said the ratings issued by Fitch Southern Africa will be valid for four months.

“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,” the FSB said in a statement.

Fitch said in a statement it was discussing with the FSB how best to remain transparent and provide credit opinions while respecting South African legislation.

“The decision reflects Fitch’s desire to maintain an optimal level of analytical resources in each geographic location in which it operates,” the firm said.

South Africa’s Finance Ministry declined immediate comment. (Reporting by Zandi Shabalala; Editing by Ruth Pitchford)

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