ICRA signs up with Turkish rating agency

Tuesday, 25 January 2005, 08:00 Hrs
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NEW DELHI: After gaining entry in Bulgaria, Indian credit rating major ICRA Ltd has entered into a pact with a Turkish counterpart to assist it understand the various nuances of the ratings business.

As part of the pact, Turkish Credit Rating Agency - the country's first such institution - will be provided assistance in drawing training programmes for the staff, focussed on both the theoretical and practical aspects of credit rating.

"The agreement highlights the growing international acceptance of the expertise our country has built in the area of credit rating in a relatively short span of 14 years or so," said P.K. Choudhury, ICRA's managing director.

The Indian rating agency has helped in the establishment of similar institutions in Kuwait and Bangladesh even as similar moves are being made in certain other Asian and European countries, he added.

The assistance to the Turkish firm will be provided in various debt instruments, besides the methodology for analysing and valuating businesses and institutions, the financial standing, and their credit worthiness, the company said.

"Our memorandum of understanding with ICRA comes at a juncture when Turkey is on the verge of becoming a part of the European Union with its exacting regulations and standards," said Mesut Kuruoglu, general manager of the Turkish firm.

"As Turkey's first rating company, we seek to imbibe ICRA's expertise and become the trend-setter in offering accurate and objective assessment of credit risks associated with Turkish business entities and institutions."

Source: IANS
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