Top global ratings agency beefs up its South African presence through an acquisition.
Moody's Corporation, parent company of the international rating agency whose favourable ratings are sought by countries and corporates alike, will be swallowing an established South African rating agency in order to deepen its coverage in the local market.
The New York listed Moody's, which boasted $2bn in turnover last year and employs 3 400 people across twenty-eight countries, announced on Thursday that it will be buying Johannesburg based CA-Ratings.
CA-Ratings was established in 1993 and is the leading provider of municipal and fund ratings in South Africa. It also offers ratings on various other financial products and institutions.
Moody's Investors Service already has a South African office, which provides ratings for domestic financial products and institutions, and globally comparable ratings for cross-border financing.
Read more at MoneyWeb.co.za
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