Global credit ratings agency Moody’s gave up its South African license, leaving a regulatory hole that hands GCR — the continent’s biggest home-grown ratings house — a clear shot at filling the gap with boots on the ground.

The exit comes as global agencies face growing criticism for relying on offshore models that some African leaders and policymakers say misread local realities — a debate sharpened just this year by Afreximbank’s public break with Fitch.

Moody’s said its decision was part of a wider shift to focus on serving “cross-border investors and African issuers looking to attract international funding.” For everything else, Moody’s pointed to GCR as its preferred vehicle for helping issuers raise capital in domestic markets. GCR is a Moody’s subsidiary that issues ratings under its own methodologies and brand.

South African regulators have given banks a 24-month window to remap capital models that use Moody’s South Africa ratings. The agency’s Ba2 rating on South Africa’s sovereign debt — two notches below investment grade — will not be affected.