5-Year contract for fsca-registered credit rating agency to provide security-level ratings for sasria’s investment portfolio

Purpose: Appointment of an FSCA-registered credit rating agency to provide security-level credit ratings for Sasria’s investment portfolios over a 5-year period.

Business Case:

• Sasria requires independent, high-quality credit ratings to support investment decision-making, risk management, and regulatory reporting.
• Ratings are essential for assessing creditworthiness across asset classes (corporate debt, government bonds, structured products, money market instruments, unit trusts, infrastructure assets, hedge funds).
• Data is used by the Actuarial department for Solvency and Capital Requirements (SCR) calculations, Investment department for internal reporting, and Finance department for Annual Financial Statements and IFRS 17 disclosures.

Contract Value: R6,270,000.00 (VAT exclusive), including 10% contingency for cost fluctuations based on ROE inflation.

RFP Issue Date: 19 March 2026

Closing Date: 30 March 2026

Bid Validity Period: Until 29 August 2026

BAC Meeting Date: 20 April 2026

Department: Investment Department

Submission Portal: https://procurement.sasria.co.za/

Note: No direct contact details (email/phone) provided in the document. Refer to the Sasria Tender Portal for further information.

Submission method: All bids must be submitted via Sasria’s e-procurement portal (https://procurement.sasria.co.za/).

Late submissions: No late bids will be considered for evaluation.

Bid validity: Bids remain valid until 29 August 2026.

Tender type: Closed tender, issued only to specialised service providers (FSCA-registered credit rating agencies).

Advertisement: Tender was advertised on Sasria Tender Portal only.

Returnable documents: Signed Declaration of Interest form, completed SBD forms, CSD registration, and tax compliance confirmation.

Evaluation stages:

• Level 1: Governance Verification (compliance with CSD registration, tax compliance, signed Declaration of Interest, and completion of all SBD forms). All bids advanced to the next stage.
• Level 2: Price and Specific Goals Evaluation (80 points for price, 20 points for specific goals).

Scoring breakdown:

• Technical: 100 points (Minimum Qualifying Score: 70 points).
• Preference Points System: 100 points total (Price: 80 points, Specific Goals: 20 points).

Specific Goals criteria (20 points max):

• Exempted Micro Enterprise (EME) or Qualifying Small Enterprise (QSE) at least 51% black-owned: 15 points (Valid Sworn Affidavit or B-BBEE certificate required).
• Generic enterprise: 10 points (Valid B-BBEE certificate required).
• Generic enterprise with subcontracting (at least 20% to EME/QSE at least 51% black-owned): 15 points (Valid B-BBEE certificate + signed subcontracting agreement + Sworn Affidavit for EME/QSE).
• Additional 5 points if the tenderer is at least 51% black-owned (Valid B-BBEE certificate or Sworn Affidavit).

Note: All bidders in this evaluation failed to submit valid B-BBEE certificates, resulting in zero points for Specific Goals.

Scope: Appointment of an FSCA-registered credit rating agency to provide security-level credit ratings for a period of 5 years.

Service Requirements:

• Deliver structured credit rating data at an instrument level for all securities held in Sasria’s investment portfolios.
• Data must be compatible with Sasria’s systems.

Asset Classes Covered (not limited to):

• Corporate debt
• Government bonds (including public finance instruments)
• Structured products
• Money market instruments
• Unit trust funds
• Infrastructure assets
• Hedge funds

Service Provider Obligations:

• Ensure data timeliness (ratings updates provided within agreed SLAs after material events or on a scheduled basis).
• Maintain accuracy and integrity of ratings and data.
• Guarantee high system uptime and reliability for data delivery.
• Provide dedicated support with responsive turnaround times for queries/rating reviews.
• Documented issue resolution and escalation procedures.

Coverage: Must include comprehensive national (South African/domestic) and international rating scales relevant to Sasria’s investment universe.

Purpose: Support Sasria’s actuarial, investment, and finance departments for:

• Solvency and Capital Requirements (SCR) calculations
• IFRS 7 and IFRS 17 financial disclosures
• Internal risk and performance reporting
• Annual Financial Statement preparation

Pricing Comparison (VAT exclusive):

• Care Ratings South Africa (Pty) Ltd: R5,700,000.00 total. Year 1: R1,300,000.00; Year 2: R1,278,837.00 (15.38% decrease, fixed for Years 3-5).
• S&P Global Limited: R6,873,167.00 total, with 7% annual increase.
• Sovereign Africa Ratings (Pty) Ltd: R21,770,987.12 total, with 5% annual increase.

Budget: Investment Department has R1,600,000.00 allocated for the current financial year, with sufficient funds for the full contract period.

Contingency: 10% (R570,000.00) included in the total contract value to cover scope-related costs.

Estimated Contract Value: R6,270,000.00 (VAT exclusive), including a 10% contingency (R570,000.00).

Budget: The Investment Department has a budget of R1,600,000.00 for the current financial year, with sufficient funds allocated for the full contract period.

Pricing Structure (from evaluated bids):

• Care Ratings South Africa (Pty) Ltd: Total bid price R5,700,000.00 (VAT excl.). Year 1: R1,300,000.00; Year 2: R1,278,837.00 (15.38% decrease from Year 1, fixed for Years 3-5).
• S&P Global Limited: Total bid price R6,873,167.00 (VAT excl.), with a 7% annual price increase.
• Sovereign Africa Ratings (Pty) Ltd: Total bid price R21,770,987.12 (VAT excl.), with a 5% annual price increase.

Note: Previous contract value was R4,113,711.58 for 4 years.

Mandatory Compliance:

• Registration on the Central Supplier Database (CSD).
• Tax compliance confirmation (valid CSD report dated 08 April 2026 or later).
• Signed Declaration of Interest form.
• Completion of all Standard Bidding Documents (SBD) forms.
• Not listed on the National Treasury Database of Restricted Suppliers.

B-BBEE Requirements:

• Bidders must provide valid proof to claim preference points (see Evaluation Criteria for specifics).
• Acceptable proof includes: Valid B-BBEE certificate, Sworn Affidavit for EME/QSE, or specialized entity documentation.
• Subcontracting arrangements (if applicable) require a signed agreement and proof of subcontractor’s B-BBEE status.

Note: FSCA registration as a credit rating agency is a prerequisite for this tender.

B-BBEE Preference Points (20 points max):

• EME/QSE at least 51% black-owned: 15 points (Valid Sworn Affidavit or B-BBEE certificate).
• Generic enterprise: 10 points (Valid B-BBEE certificate).
• Generic enterprise with 20% subcontracting to EME/QSE at least 51% black-owned: 15 points (Valid B-BBEE certificate + signed subcontracting agreement + EME/QSE Sworn Affidavit).
• Additional 5 points for at least 51% black ownership (Valid B-BBEE certificate or Sworn Affidavit).

Exemptions:

• International bidders (e.g., S&P Global Limited) may qualify for exclusion under Code Series 400 of the Revised Codes of Good Practice (2013) if:
• No local production of the required services exists.
• Importing promotes value-added production in South Africa.

Note: All bidders in this tender failed to submit valid B-BBEE certificates, resulting in zero Specific Goals points.

Contract Duration: 5 years.

Service Provider Obligations:

• Deliver instrument-level credit ratings for all securities in Sasria’s investment portfolios.
• Ensure data compatibility with Sasria’s systems.
• Cover all specified asset classes (corporate debt, government bonds, structured products, money market instruments, unit trusts, infrastructure assets, hedge funds).
• Provide ratings on both national (South African) and international scales.

Performance Requirements:

• Timely data updates (within agreed SLAs after material events or scheduled intervals).
• Accuracy and integrity of ratings and data.
• High system uptime and reliability for data delivery.
• Dedicated support with responsive query resolution and documented escalation procedures.

Tender Conditions:

• Closed bidding process limited to FSCA-registered credit rating agencies.
• Bids valid until 29 August 2026.
• No late bids considered.
• All bids submitted via Sasria’s e-procurement portal (https://procurement.sasria.co.za/).
• Tender advertised on Sasria Tender Portal only.

Governance Checks for Recommended Bidder (Care Ratings South Africa (Pty) Ltd):

• Registered on National Treasury CSD with no irregularities.
• Tax compliant (confirmed via CSD report dated 08 April 2026).
• Not listed on the National Treasury Database of Restricted Suppliers.
• No conflict of interest declared by the bidder or its principals.

Shareholding:

• 100% owned by Care Ratings (Africa) Private Limited.
• Black Shareholding and Black Women Shareholding: Not applicable (N/A).

Evaluation Process:

• Level 1: Governance Verification (CSD registration, tax compliance, Declaration of Interest, SBD forms). All bids advanced.
• Level 2: Price (80 points) and Specific Goals (20 points) evaluation.

Scoring:

• Technical: 100 points (Minimum 70 to qualify).
• Preference Points: 100 total (Price: 80, Specific Goals: 20).

Specific Goals (20 points):

• EME/QSE at least 51% black-owned: 15 points (Valid Sworn Affidavit or B-BBEE certificate).
• Generic enterprise: 10 points (Valid B-BBEE certificate).
• Generic enterprise with 20% subcontracting to EME/QSE at least 51% black-owned: 15 points (B-BBEE certificate + subcontracting agreement + EME/QSE Affidavit).
• Additional 5 points for at least 51% black ownership (Valid B-BBEE certificate or Sworn Affidavit).

Note: No bidders scored Specific Goals points due to lack of valid certificates.

Appointment of FSCA-registered credit rating agency(ies) to provide security-level credit ratings for a period of 5 years. Sasria requires independent, high-quality credit ratings to support investment decision-making, risk management, and regulatory reporting. Ratings are essential for assessing creditworthiness across asset classes, including corporate debt, government bonds, structured products, money market instruments, unit trusts, infrastructure assets, and hedge funds. The selected provider will support Sasria’s actuarial, investment, and finance departments in meeting internal and external reporting requirements, including Solvency and Capital Requirements (SCR) calculations, IFRS 7/17 disclosures, internal risk/performance reporting, and Annual Financial Statement preparation.

RFP Release: 19 March 2026. Last day for enquiries: 23 March 2026. Responses to enquiries: 25 March 2026. Closing date and time: 30 March 2026 at 12:00 PM. Proposals must remain valid for 150 days after closing. Sasria reserves the right to amend dates, which will be communicated via the Tender Portal.

Queries and clarifications: Submit via Sasria’s e-tender portal (https://procurement.sasria.co.za/) under 'Queries'. For registration assistance, email [email protected]. Sasria SOC Ltd physical address: 36 Fricker Road, Illovo, Sandton, Johannesburg. Postal address: P.O. Box 653367, Benmore, 2010. Fax: (011) 447 8624.

Submit via Sasria’s e-tender portal: https://procurement.sasria.co.za/. Hand-delivered, posted, emailed, or faxed proposals will NOT be accepted. All four (4) Schedules must be completed. Maximum file size: 4MB per file, 30MB per Schedule. Bidders must register on the portal before the closing date. For assistance, email [email protected]. Sasria will not accept responsibility for technical submission failures. Ensure adequate time is allowed to mitigate technical challenges.

Duly completed Standard Bidding Document(s) and other requirements, in line with Part 6 of this RFP.

Evaluation occurs in two stages: Level 1 (Governance Verification) and Level 2 (Preference Point System). Level 1 checks compliance with mandatory requirements: CSD tax compliance proof, valid B-BBEE certificate or Sworn Affidavit, completed Standard Bidding Documents, and Financial/Price Proposal. Level 2 allocates points as follows: Price (80 points), Specific Goals (20 points). Specific Goals points are awarded based on B-BBEE status: EME (15 points), QSE with 51%+ black ownership (15 points), Generic Enterprise (10 points), Generic Enterprise subcontracting 20%+ to EME/QSE (15 points). Additional 5 points for 51%+ black ownership. Failure to submit required proof for Specific Goals results in no points allocated. Sasria may request substantiation of claims at any time.

Scope: Appointment of FSCA-registered credit rating agency(ies) to provide security-level credit ratings for 5 years. Deliverables: Instrument-level credit ratings for Sasria’s investment holdings across asset classes: corporate debt, government bonds, structured products, money market instruments, unit trust funds, infrastructure assets, and hedge funds. Requirements: Data must be delivered in a structured format compatible with Sasria’s systems. Service provider must ensure: data timeliness (ratings updates within agreed SLAs), accuracy and integrity of ratings, high system uptime and reliability, dedicated support with responsive turnaround times, and documented issue resolution/escalation procedures. Coverage: Maintain at least 90% coverage of the total value of externally managed assets. Monthly certification of coverage percentage required, including breakdowns by asset class and reasons for non-coverage. Remediation plans required for shortfalls.

Bidders must demonstrate capability to deliver instrument-level credit ratings across all specified asset classes (corporate debt, government bonds, structured products, money market instruments, unit trusts, infrastructure assets, hedge funds) with comprehensive coverage on national (South African) and international rating scales. Bidder’s Experience and Proposed Project Team must be detailed in Annexure D. Partnerships with majority black-owned entities (51%+ black-owned and controlled) are encouraged. Subcontracting proposals must detail the portion of work outsourced, level of involvement of the black-owned partner, and submit a consolidated B-BBEE scorecard where relevant.

Pricing must be VAT-exclusive and quoted in ZAR. Provide a detailed, all-inclusive annual fee covering all activities, deliverables, resources, and costs for the Scope of Work. Example pricing model: Year 1: ZAR 1,300,000; Years 2-5: ZAR 1,100,000 each; Total: ZAR 5,700,000 (VAT-exclusive). No additional charges will be accepted unless explicitly approved in writing. Pricing must align with National Treasury Instruction /2025: Cost Containment Measures where relevant. Payments are linked to approved deliverables. Bidder must confirm that the price covers all activities and that Sasria will incur no additional costs.

Pricing must be VAT-exclusive and quoted in ZAR. Provide a detailed, all-inclusive annual fee covering all activities, deliverables, resources, and costs for the Scope of Work. No additional charges will be accepted unless explicitly approved in writing. Example pricing model: Year 1: ZAR 1,300,000; Years 2-5: ZAR 1,100,000 each; Total: ZAR 5,700,000 (VAT-exclusive). Pricing must align with National Treasury Instruction /2025: Cost Containment Measures where relevant. Payments are linked to approved deliverables.

Mandatory compliance requirements: Proof of registration with CSD confirming tax compliance. Valid B-BBEE verification certificate or Sworn Affidavit (EMEs with turnover < R10M or QSEs with 51%+ black ownership may submit a Sworn Affidavit). For Consortiums/Joint Ventures: Valid consolidated B-BBEE certificate or Affidavit + signed agreement. For Prime Contractors with Subcontractors: Prime and Subcontractor B-BBEE certificates or Affidavits + signed subcontracting agreement. Individual bidders: Valid B-BBEE certificate or Sworn Affidavit. Failure to meet these requirements may result in disqualification. Bidders must also submit: Invitation to Bid (SBD 1), Disclosure and Declarations Form (SBD 4), Preferential Points Claim Form (SBD 6.1).

B-BBEE compliance is mandatory. Valid B-BBEE verification certificate or Sworn Affidavit required. EMEs (turnover < R10M) and QSEs (51%+ black-owned) may submit a Sworn Affidavit. Consortiums/Joint Ventures: Valid consolidated B-BBEE certificate or Affidavit + signed agreement. Prime Contractors with Subcontractors: Prime and Subcontractor B-BBEE certificates or Affidavits + signed subcontracting agreement. Individual bidders: Valid B-BBEE certificate or Sworn Affidavit. Preference points for Specific Goals: EME (15 points), QSE with 51%+ black ownership (15 points), Generic Enterprise (10 points), Generic Enterprise subcontracting 20%+ to EME/QSE (15 points). Additional 5 points for 51%+ black ownership. Partnerships with majority black-owned entities are encouraged.

Contract duration: 5 years, subject to performance reviews. Service provider must maintain 90%+ coverage of externally managed assets. Monthly certification of coverage required. Remediation plans are mandatory for shortfalls. Dispute resolution: Negotiation → Mediation (AFSA rules) → Arbitration (expedited, Sandton). Governing law: South African. Confidentiality: Recipient must use confidential information solely for credit rating analysis, safeguard it, and notify Discloser of cybercrimes within 10 days. Data Security: Recipient must comply with local/international laws, maintain security measures, and report breaches. POPIA Compliance: Recipient is the operator; must process personal information lawfully, secure it, and appoint an information officer. Termination: Either party may terminate with written notice for material breach. Notices must be in writing and delivered to specified addresses. Proposals must remain valid for 150 days post-closing.

Mandatory requirements: Proof of registration with CSD confirming tax compliance. Valid B-BBEE certificate or Sworn Affidavit (EMEs with turnover < R10M or QSEs with 51%+ black ownership may submit a Sworn Affidavit). For Consortiums/Joint Ventures: Valid consolidated B-BBEE certificate or Affidavit + signed agreement. For Prime Contractors with Subcontractors: Prime and Subcontractor B-BBEE certificates or Affidavits + signed subcontracting agreement. Individual bidders: Valid B-BBEE certificate or Sworn Affidavit. Required documents: Invitation to Bid (SBD 1), Disclosure and Declarations Form (SBD 4), Preferential Points Claim Form (SBD 6.1), Annexure A (Confidentiality Agreement), Annexure B (Acceptance of Bid Conditions), Annexure C (Shareholder Information), Annexure D (Bidder’s Experience and Proposed Team). Failure to submit any required document may lead to immediate disqualification.

Evaluation is a two-stage process. Level 1 (Governance Verification) assesses compliance with mandatory RFP requirements: CSD tax compliance proof, valid B-BBEE certificate or Sworn Affidavit, completed Standard Bidding Documents, and Financial/Price Proposal. Level 2 (Preference Point System) allocates 100 points: Price (80 points), Specific Goals (20 points). Specific Goals points are awarded based on B-BBEE status: EME (15 points), QSE with 51%+ black ownership (15 points), Generic Enterprise (10 points), Generic Enterprise subcontracting 20%+ to EME/QSE (15 points). Additional 5 points for 51%+ black ownership. Failure to submit required proof for Specific Goals results in no points allocated. Sasria may request substantiation of claims at any time.