Credit Analysis and Research Ltd (Care Ratings) plans to set foot in overseas markets through both organic and inorganic channels.
Care recently entered into non-binding agreements with four credit rating agencies, each located in Malaysia, Brazil, South Africa and Portugal, to establish an international rating agency, said Sanjay Kumar Agarwal, General Manager, Care Ratings.
International ratings
According to the Red Herring prospectus, the company will provide international scale ratings to assist local issuers in mobilising resources from global financial markets.
The company has received a no-objection letter from Sebi to enter into a joint venture to establish an international credit rating agency.
“We have a strong presence in the domestic market. We are now looking at international markets by entering into non-binding agreements with the credit rating agencies,” Agarwal said at a press meet to announce the initial public offer of the company here on Tuesday.
IPO
Care has proposed an IPO for a 7,199,700 equity shares of face value of Rs 10 each.
According to the issue prospectus, Care has provided technical assistance to a rating agency in Mexico and has also provided technical assistance to Summa Ratings S.A., Ecuador for providing credit ratings, among other services.