Credit Rating Services Act, 2012 (Act No. 24 of 2012)Board NoticesFit and Proper Requirements for Credit Rating Agencies5. Financial soundness of applicants |
| (1) | An applicant must not be under liquidation or provisional liquidation, or subject to business rescue proceedings as contemplated in the Companies Act, or have made composition arrangements with its creditors, filed for bankruptcy or filed for winding-up. |
| (2) | The assets of an applicant (excluding goodwill and other intangible assets) must exceed the applicant's liabilities (excluding loans validly subordinated in favour of all other creditors). |
| (3) | An applicant must maintain current assets which are at least sufficient to meet current liabilities. |
| (4) | An applicant must not be subject to any judgment debt or award which remains outstanding or has not been satisfied within a reasonable period. |
| (5) | An applicant must provide the registrar with a satisfactory credit reference. |