ICRA enters into pact with Bulgarian firm

Thursday, 22 July 2004, 07:00 Hrs
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NEW DELHI: ICRA India, one of India's leading independent credit rating companies, said Wednesday it had entered into a pact with Bulgarian Credit Rating Agency (BCRA) for providing technical assistance.

ICRA, which has become the first credit rating company to enter the European market, will provide technical assistance to BCRA in designing rating methodologies, besides imparting training to analysts, said a statement.

"The entry into Bulgaria underscores ICRA's initiatives towards lending its proven expertise to rating entities beyond India," said P.K. Choudhury, managing director of ICRA.

"The agreement with BCRA is important not only because it marks our entry into Europe but also because it highlights the growing international acceptance of the expertise that our country has built up in the area of credit rating."

Sonya Sofronova, executive director of BCRA, said: "We propose to use ICRA's expertise in establishing a firm base for the system of credit rating in our country.

"Through credit rating, we want to assist Bulgarian companies find new opportunities of financing and market expansion."

Source: IANS
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