On August 8th, S&P globally conducted its first credit rating on DeFi protocol Sky (formerly MakerDAO), with a result of B -, the same as the sovereign debt rating of the Democratic Republic of Congo, and classified it as a high-risk "speculative level". S&P pointed out that Sky faces risks such as high concentration of depositors, dependence on founders, and regulatory uncertainty, but with low credit losses and stable returns. The rating only covers USDS, DAI, and their derivatives, and does not involve the governance token SKY. Sky stated that this rating is the starting point for aligning with traditional finance, and future ratings may be raised as DeFi awareness improves.
