Moody’s (NYSE: MCO) to acquire majority stake in MERIS

Moody’s Corporation (NYSE: MCO) announced it intends to secure a majority equity stake in Middle East Rating & Investors Service (MERIS), a domestic credit rating agency in Egypt. The transaction requires regulatory approvals, and financial terms were not disclosed.

MERIS was founded in 2003 as a joint venture between Moody’s and FinBi, a local Egyptian consulting firm. The agency provides national scale credit ratings across financial institutions, corporates, and structured finance transactions in Egypt.

“We are excited to strengthen our relationship with MERIS, which has been an important provider of domestic credit ratings in Egypt for over two decades,” said Monica Merli, Chief Operating Officer of Moody’s Ratings.

Following completion of the transaction, MERIS will continue operating as an independent affiliate of Moody’s while developing its own rating methodologies, issuing its own credit ratings, and maintaining a separate management team.

Dr. Amr Hassanein, Managing Director and Founder of MERIS, said the transaction marks an important milestone that will enhance the company’s offerings while contributing to Egypt’s financial market development.