Transparency and compliance information
Credit rating activity in Libya is governed by Law No. 11 of 2010 on the capital market and its executive regulation, by the credit rating activity rules issued by LCMA Board Resolution No. 38 of 2024, by Board Resolution No. 39 of 2024 adopting the credit rating criteria for insurance companies, and by Board Decision No. 5 of 2026 amending Resolution 38/2024, which adds the certified actuarial report to the mandatory rating-report contents. SANAD operates to these provisions as a minimum: published, version-controlled methodologies; four-eyes review before any issuance; full documentation of every rating step in an append-only audit trail; five-year retention of records, source documents and their electronic backups; periodic public disclosure of rating performance and default rates on this site; and notification of the rated entity, with a comment window, before rating actions. Statutory obligations — the quarterly and annual reports to the Authority, the annual transparency report, disclosures and notifications — are managed through an internal obligations register that tracks each item against its legal reference with completion evidence.
SANAD publishes rating performance statistics — annual upgrade and downgrade percentages, transition movements, and default rates by category and sector — on the Rating Performance & Default Study page, updated at least semi-annually per Article 18 of Resolution 38/2024, always with observation counts and an explicit small-sample caveat during the agency's early years.
View →SANAD operates under License No. (ع2) of 2026 issued by the Libyan Capital Market Authority on 23 June 2026.
| Commercial Register No. | 26-02-0126 |
| Tax No. | 21684 |
| Chamber of Commerce Registration No. | 32287-110293 |
| Ministry of Economy Licence — Economy Monitoring, Benghazi | 2026-0829 |
SANAD maintains strict policies to identify, manage, and disclose conflicts of interest in accordance with CMA Regulation No. 38 of 2024.
| Dual licence (rating + valuation) | Operational separation between the two activities; any valuation services provided to an entity within 12 months are disclosed on every rating action |
| Issuer-pays model | Not currently present — ratings are unsolicited, entities pay no fees and do not participate, disclosed on every action |
| Data subscriptions | Independent of rating outcomes; restricted rows never enter the subscriber product and subscription confers no influence |
| Revenue concentration | Article 13 fee records and the Article 18(7) concentration disclosures are reported to the LCMA |
All SANAD employees and analysts adhere to a comprehensive code of conduct that ensures ethical behavior and professional standards.
Complaints and inquiries are registered and answered under a formal procedure — acknowledgement within 5 working days, substantive response within 30 days. Submit and track via the Complaints page.
View →This site collects personal data only when you submit it voluntarily through the contact form (name, email, message), and uses it solely to respond to your enquiry — it is never sold or shared with third parties for marketing. The site sets no tracking cookies. Technical access logs may be retained for security and compliance purposes. To ask about or request deletion of your data, contact us via the contact page.
The content of this site — including ratings, reports, and methodologies — is the property of SANAD Credit Rating Agency and may not be republished or commercially redistributed without prior written consent. Content is provided as-is for information purposes and may be updated or withdrawn at any time without notice. The site may not be used in any way that compromises its integrity or violates applicable law. Continued use of the site constitutes acceptance of these terms.
SANAD ratings are opinions of relative creditworthiness on the Libyan national scale as of their date of issue — not recommendations to buy, sell, or hold any security, and not guarantees against default. Unsolicited ratings are based on publicly available information, which SANAD does not audit or independently verify. Ratings and outlooks may be revised, suspended, or withdrawn at any time. To the fullest extent permitted by law, SANAD accepts no liability for any loss arising from reliance on its ratings or reports.