Who We Are
Credit Rating Agency Limited (CRA) was incorporated on 29th December 2011 with Company Registration Number 98505 under the Companies Act of the Laws of Zambia. The Company was licensed by the Securities and Exchange Commission (SEC) on 24 September 2014 to provide credit rating and related advisory services to institutions, under Licence Number DL/14/51. The license was subsequently reissued on 4 June 2022 under the new credit rating agency regulations as Licence Number CRA/21/1.PRS License
Our corporate values are: Integrity, Independence, Analytical Rigour, Commitment and Innovation.
What We Offer
Premier Rating Services Limited is authorised to provide credit rating services to corporations, organisations, municipalities and public sector entities. The services cover institutional ratings and ratings specific to debt instruments issued by them.
The ratings are our expressions of opinion on the borrowers’ ability to meet financial obligations when they fall due and in the manner expected. The ratings represent a structured way of understanding the credit risk profile that investors are faced with when lending to a particular borrower or investing in debt instruments. A rating provides independent and reliable market information on the creditworthiness of an entity or a financial instrument. This information is of great benefit to a rated entity, investors and the public at large. Empirical evidence has shown that financial markets with ratings have grown significantly and interests of participants better protected. Indeed ratings are widely acclaimed to be a catalyst to corporate growth and market development, as well as a facilitator of risk management.
CRA further provides related financial advisory services to institutions and investors.
Founders
CRA was founded by Wilson Kalumba, Chishimba Yumbe and Dionysius Makunka. The three had served as senior staff of the Bank of Zambia (the central bank of the Republic of Zambia) where they had gained substantial experience in financial sector reporting, supervision and regulation. At the time of licensing in September 2014, Wilson assumed the role of CEO and Chishimba and Dionysius as Directors. Wilson continued in the role of CEO until late 2016 when he was elected Mayor of Lusaka, and remained on the board as Chairman. Following Wilson’s demise in May 2018, Chishimba has become Chairman of CRA to carry on the founders’ vision.
Board Members
- Chishimba Brian Yumbe - Chairman: Chishimba is a Moody's Certified Corporate Credit Rating Analyst. He has a Masters Degree and Edward Mason Fellowship in Public Policy and Management from Harvard University and an MBA degree from Edinburgh Business School. Chishimba also holds professional certifications as Fellow of the Association of Chartered Certified Accountants (ACCA), Certified Information Systems Auditor (CISA) and Fellow of the Zambia Institute of Chartered Accountants (ZICA), under which he served as Vice President from 2011 to 2014.
Chishimba brings 28 years of experience in accounting, audit, financial management and corporate reporting. He is currently with the International Finance Corporation (IFC) of the World Bank Group (WBG) as the Regional Financial Controller for Africa, based in Johannesburg. Chishimba does not represent IFC nor the WBG on the CRA board. He previously served as Finance Director of the Bank of Zambia (BOZ) for ten years up to July 2014 and earlier worked as Assistant Director at BOZ, Management Auditor at the United Nations Headquarters in New York and as Audit Senior at the Big Four accounting firm, KPMG. Chishimba has sat on a number of corporate boards including the National Pensions Scheme Authority (NAPSA) and Zamsolar. - Mr. Mwiza Mbewe - Mwiza has had a career spanning over 20 years in the financial markets. He has worked for a diverse range of organisations including the Bank of Zambia (Financial Markets Department and Bank Supervision Department), ZCCM Investments Holdings plc (Investments Department), Institute for Finance and Economics (Associate) and Credit Rating Agency Limited (former Chief Executive Officer).He has previously served on the boards of Ndola Lime Company Limited and Chambeshi Metals plc.
Mwiza’s qualifications include a Bachelor of Arts (Economics) from the University of Zambia, a Master of Science (Financial Economics) from the University of London and he is a Fellow of the Association of Chartered and Certified Accountants. - Professor Pinalo Chifwanakeni. Founder and Vice Chancellor of the University of Lusaka, Professor Chifwanakeni has a strong track record in both academia and industry. He holds Bachelors and Masters of Scence degrees in accounting and finance, and is a fellow of the Chartered Institute of Management Accountants (CIMA), Zambia Insitute of Chartered Accounants (ZICA) and the Zambia Institute of Banking and Financial Services (ZIBFS). Professor Chifwanakeni has in the past served as Chief Execuitive of ZICA and ZIBFS and as Chief Financial Officer in commercial banking. At the inaugural ZICA awards in 2012, Professor Chifwanakeni was awarded as the Most Innovative Accountant in Zambia. Professor Chifwanakeni has been appointed Non-Executive Director.
- Mr. Yoram Kapai Yoram holds a Bachelor of Engineering degree in Minerals Engineering from Leeds University in the United Kingdom. He is a member and Registered Engineer (R.Eng) with the Engineering Institute of Zambia (EIZ). Yoram is currently with Konkola Copper Mines as Plant Manager. He is also the Chairman of Nchanga Rangers Footbal Club.
- Mrs. Beatrice Nkanza has more than 25 years hands on experience spanning all financial services at senior management levels. She spent 10 years in banking, 8 years in pensions administration, 6 years in the securities/ capital markets and is currently chairing the board of Focus General insurance company. Mrs Nkanza has interest in SME`s. She mentors small companies in both financial and management restructuring and recently attended an ILO sponsored course focusing on SME product development and diversification. Currently Mrs Nkanza is an entrepreneur focusing on women empowerment and financial literacy. Mrs Nkanza holds a BA in Economics, post graduate diploma in financial management, and an MBA degree. She is a Fellow of the Zambia Institute of Banking and Financial Services, a member of Institute of Directors and a Trustee on the Board of Kwacha Pension Fund.
- Mr. Dionysius Makunka- Vice Chairman and Chief Executive Officer. Dionysius is an ACCA qualified Chartered Accountant and Fellow of ZICA. He is also a Chartered Financial Analyst (CFA) and has a Msc in Economics and Finance from University of Manchester in UK and a BA Accountancy from CBU. Dionysius brings over 20 years of experience in regulating financial markets and institutions and in financial stability assessments.
Executive Management
- Mr. Dionysius Makunka - Profile presented above under Board Membership.
- Mr. Alex Chyakufyali - Alex is an economist with over 21 years work experience in central banking as well as commercial banking. Prior to leaving the central bank, Alex was Assistant Director of Foreign Market Operations in the Financial Markets Department. He was responsible for the oversight of the foreign exchange dealing and reserves management operations.
Previously, Alex worked in various positions at managerial level with responsibilities ranging from managing the country’s foreign reserves, monitoring banking system liquidity as well leading short-term research on domestic money markets Zambia. As member of the SADC Committee of Central Bank Governors (CCBG) Financial Markets Subcommittee, he was part of an expert team responsible for spearheading and monitoring projects in financial markets developments in the SADC region. He also served as a Trustee and a member of the Investment Committee of the Kwacha Pension Trust Fund, one of the largest Pension Funds in Zambia. In his spare time, Alex lectures the Economics component of the Engineering Management and Entrepreneurship Course, School of Engineering at the University of Zambia.
Alex holds a Master of Science in Financial Economics from the University of London and a Bachelor of Arts degree (Economics) from the University of Zambia.
Staffing
Premier Rating Services Limited employs finance, banking or business professionals as credit analysts. A significant part of the analysis in credit ratings is of a financial nature. However, business risk analysis is also very substantial and CRA therefore seeks to recruit individuals who can comprehend financial figures in the context of the business environment, past, present and future.
The nature of CRA's work is not routine. Each client presents unique perculiarities. It is therefore incumbent on CRA to recruit staff with superior aptitude and academic results. The typical CRA analyst is someone who graduated within the top 20% of a reputable undergraduate programme or professional certification.For a listing of current vacancies at CRA, click the link below:
Code of Conduct
In December 2004, the International Organization of Securities Commissions (IOSCO), which consists of securities regulators and stock exchanges from more than 100 countries and areas, released its “Code of Conduct Fundamentals for Credit Rating Agencies (“IOSCO CRA Code”). This was at a time when few jurisdictions had laws governing the activities of CRAs. The IOSCO CRA Code was later revised in 2008, after the outbreak of the global financial crisis, to include significant disclosure provisions. According to the report, the IOSCO CRA Code is intended to offer a set of “robust, practical measures” as a guide to and framework for CRAs with respect to “protecting the integrity of the rating process, ensuring that issuers and users of credit ratings, including investors, are treated fairly, and safeguarding confidential material information provided them by issuers.”
Premier Rating Services Limited’s (CRA) Code of Conduct (“the Code”), substantially follows the IOSCO Code structure and reflects its compliance to IOSCO Code Fundamentals and incorporates as appropriate, additional practices that meet regulatory requirements or reflect best practices. CRA’s Code of Conduct is a summary of an extensive range of policies, procedures and internal controls that have been adopted to ensure the objectivity and integrity of its ratings, and the transparency of its operations.
Structurally, the Code is broken down into three sections:
- The Quality and Integrity of the Rating Process;
- CRA’s Independence and the Avoidance of Conflicts of Interest; and,
- CRA’s Responsibilities to the Investing Public and Issuers.
For the full CRA Code of Conduct, click the link below:
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