CARE Ratings to enter Europe via Singapore consortium

NEW DELHI (TIP): Credit rating agency Credit Analysis & Research Ltd (CARE) is entering the European market through a Singapore-based international arm. It has joined hands with credit rating agencies in four other countries — Brazil, Malaysia, South Africa and Portugal — to set up a Singapore-based entity called ARC Rating Holding. CARE will hold 20 per cent stake in this Singapore entity, which will hold 100 per cent in ARC Rating Europe, D. R. Dogra, Managing Director and CEO, CARE Ratings, told Business Line. “We can’t go international on our own and that is why the joint venture route. But we see lot of growth opportunities for us in Europe. ARC Rating Europe will have an office in London,” Dogra said. ARC Rating Europe will cater only to large companies and not offer rating services for small businesses. CARE, which had launched an initial public offering in December 2012, is the country’s second largest credit rating agency by revenue.

A presence in London will help it serve Indian corporate clients, which have spread their wings in Europe, better. Indian companies need not only look to entrenched foreign credit rating players in those markets for their needs, it was pointed out. Dogra also said that CARE will set up an entity in Mauritius this fiscal, in which it would have a controlling interest of 51 per cent. The remaining stake may be picked up by African Development Bank, South African credit rating company Global Credit Rating (GCR) and others. CARE would look to enter Africa through the Mauritius entity. In Africa, plans are afoot to offer rating services for large companies as well as small and medium businesses, he said.

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