According to BlockBeats, on August 8th, ratings agency S&P Global issued its first credit rating for the DeFi protocol Sky (formerly MakerDAO), assigning it a B- rating, on par with the sovereign debt of the Democratic Republic of Congo and placing it in the high-risk "speculative grade" category. S&P noted that Sky's current risks primarily include high depositor concentration, excessive dependence on founder Rune Christensen, and uncertainty surrounding DeFi regulation. However, it also acknowledged the company's low credit losses and stable returns since 2020.
The rating does not include the SKY governance token, but only USDS, DAI, and their savings derivatives. Sky is the fourth-largest stablecoin issuer on Ethereum, with $7.9 billion in circulation.
Sky responded that this rating is the first step toward aligning with the traditional financial system, and that subsequent ratings may be upgraded as awareness of DeFi grows. Analysts believe that while this rating is not investment-grade, it signals that mainstream rating agencies are beginning to seriously assess the creditworthiness of DeFi protocols. (DL News)
