ADVOKS GLOBAL · KENYA
The Capital Markets (Credit Rating Agencies) Regulations
15. Reviews of rating
Edition: 2023-12-15 · In force
15. Reviews of rating
(1)A credit rating agency shall continuously and at least once in each year monitor all its published ratings and annual rating reviews during the tenure of each security it has rated, unless the rating is withdrawn.(2)If a client fails to co-operate with the credit rating agency, including by failing to provide the information required to conduct a review of a security or an issuer of a security, and, because of that failure, the credit rating agency is unable to comply with the obligation under subregulation (1), the credit rating agency may withdraw the rating assigned to the security or issuer of the security.(3)The credit rating agency shall notify the Authority in writing each instance where the credit rating agency withdraws a rating of a security or an issuer of a security within twenty-four hours of the withdrawal of the rating.(4)The credit rating agency shall not withdraw a rating where the obligations under the issuer or security rated by the credit rating agency are outstanding except—(a)where the client or issuer of the security rated by the credit rating agency has been wound up, merged or amalgamated with another entity;(b)where the client fails to provide adequate information to enable the credit rating agency to conduct an annual review of the rating assigned to the client or a security issued by the client; or(c)in such other circumstances as may be specified by the Authority.