In a case of David vs Goliath, new ratings agency Sovereign African Ratings (SAR) seeks to take on the three largest established agencies. This is the first African ratings agency to be established and it has passed muster with financial authorities in South Africa.
SAR was founded by Plus 94 research agency CEO Sifiso Falala. He will also head the new entity, which aims to be a gamechanger in a space where 95% of the market share is dominated by Fitch Ratings, Moody’s Investors Service and S&P Global – some of them over a century old. SAR will have the remaining 5% of the market share against these established agencies.