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Rating Agency S&P: DeFi Protocol Sky Credit Rating on Par with Congo Debt, at a Lowly B-
BlockBeats News, August 8: Rating agency S&P Global conducted its first credit rating on the DeFi protocol Sky (formerly MakerDAO), giving it a B- rating, on par with the Republic of the Congo's sovereign debt rating, classified as a high-risk "speculative grade." S&P pointed out that Sky's current risks mainly include high depositor concentration, excessive reliance on founder Rune Christensen, and DeFi regulatory uncertainty, but also acknowledged its low credit losses and stable revenue since 2020.
This rating does not cover the governance token SKY and only involves USDS, DAI, and their savings derivatives. Sky is the fourth-largest stablecoin issuer on Ethereum, with a circulating supply of $7.9 billion.
Sky responded that this rating is the first step towards aligning with the traditional financial system, and future ratings may be upgraded as DeFi awareness increases. Analysts believe that while this is not an investment-grade rating, it signals that mainstream rating agencies are beginning to carefully assess the credit conditions of DeFi protocols. (DL News)
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