CARE Ratings eyes overseas markets with first JV in Portugal
06 Dec 2012
Credit rating agency CARE Ratings is looking to expand operations in markets overseas and is expected to set up its first overseas office in Portugal, a top official of the rating agency said.
CARE Ratings along with local rating agencies of Brazil, South Africa, Malaysia and Portugal is in the process of setting up an international rating agency, ARC Ratings, T N Arun Kumar, chief general manager of CARE Ratings, said today.
The five agencies together will form a rating agency based out of Portugal, he said.
CARE Rating has already entered into a memorandum of understanding (MoU) with a rating agency in Portugal. The agency already has a licence issued by the European Securities and Markets Authority (ESMA), he said, adding that the MoU would help it start an agency overseas.
''We have signed an MoU with a local rating agency in Portugal. The reason to have the MoU is because he (the local partner) has the licence from ESMA to start an agency.
''We have planned to take over 20 per cent stake in it and start operations,'' Kumar said.
