S&P: DeFi Protocol Sky’s Credit Rating Matches Congo’s Debt at B-
On August 8, it was reported that the rating agency S&P Global has issued its first credit rating for the DeFi protocol Sky (formerly MakerDAO), assigning it a B- rating, which is on par with the sovereign debt rating of the Democratic Republic of the Congo and falls into the high-risk "speculative grade" category. S&P noted that Sky currently faces major risks including high depositor concentration, excessive reliance on founder Rune Christensen, and regulatory uncertainty in the DeFi sector. However, the agency also acknowledged Sky's low credit losses and stable returns since 2020. This rating does not cover the governance token SKY, but only applies to USDS, DAI, and their savings derivatives.
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