March 25, 2004, Mumbai.
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CRISIL Limited, India's leading Ratings, Financial News, Risk and Policy Advisory company, today announced its strategic equity investment in the Caribbean Information and Credit Rating Agency Limited. CRISIL has taken an equity stake of about 9% in the share capital of the company, with an investment of US $ 300,000. CRISIL would also be providing technical assistance to the agency to establish and stabilise its operations. The Caribbean rating agency is a unique initiative -- it is the world's first regional credit rating agency. It will offer rating and other services in 19 countries. These include the Bahamas, Barbados, Belize, Costa Rica, Dominican Republic, Guyana, Haiti, Jamaica, the OECS, Panama, Suriname and Trinidad and Tobago. The agency has an impressive and diversified shareholding, with some of the prominent central banks in the region, US and European commercial banks, development banks and financial institutions participating in its equity offering. Mr. Ravimohan, MD and CEO, CRISIL, has joined the Board of the Caribbean rating agency. Mr. Ravimohan said, "This marks an important landmark in CRISIL's international initiatives in the ratings business. CRISIL has pioneered and successfully built up a world-class ratings operation in an emerging market environment. The Caribbean initiative provides CRISIL the opportunity to transfer this unique capability outside Indian shores". As early as 1994, CRISIL was invited to provide technical assistance to set up the Rating Agency Malaysia, RAM and the Israel Securities Rating Company, Maalot. According to Ms Roopa Kudva, Executive Director and Chief Rating Officer, CRISIL, "CRISIL's engagement invoked a very positive response from all the market participants in the region. The region presents a reasonably large sized economy with capital market conditions to support a viable and growing rating agency operation. We expect the company to play a vital catalytic role in the development of the regional financial markets, by leveraging on CRISIL's experience." The Caribbean initiative comes in the wake of other major forays by CRISIL in recent times. In December 2003, CRISIL announced its acquisition of UK based EconoMatters Ltd, a global gas strategy consulting, publication and training business. In January 2004, CRISIL announced its strategic equity investment in the National Commodity and Derivatives Exchange Limited. For information please contact: |
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