ICRA Extends Agreement with Bangladesh Rating Agency for Another Three Years

ICRA Ltd has announced that the Company has renewed its Technical Cooperation Agreement (TCA) with the Credit Rating Agency of Bangladesh (CRAB) for another three years. The TCA envisages the Company assisting CRAB in designing rating methodologies, besides advisory and information services products. The agreement for the renewal of the TCA was signed by Mr. P K Choudhury, Vice-Chairman and Group CEO, of the Company, and Dr. Masihur Rahman, Managing Director, CRAB, recently.

With the Company's technical support, CRAB has emerged as a credible rating agency in Bangladesh within the relatively brief period since its start of operations in calendar 2004. The agency has been providing credit rating services to a range of clients, including banks, insurance Companies, non-banking financial institutions, and corporate bodies, among others. Besides, it has been rating infrastructure projects, securitised receivables of micro-credits, and clients of financial institutions.

ICRA's TCA with CRAB marks yet another step by the Indian agency to lend its technical expertise to entities beyond Indian borders. In this context, the Company has helped in the past in the establishment of credit rating agencies in Kuwait and Bulgaria. In providing technical assistance to CRAB, the Company has been drawing on its expertise accumulated since its establishment in 1991 - the time when India embarked on its globalisation drive.

According to Mr. P K Choudhury, "ICRA's footprints beyond Indian shores underscore the growing international acceptance of a Group that is already one of the leading providers of credit rating, advisory and investment information services in India."

Source : Equity Bulls

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