Moody’s Signs Technical Services Agreement with Colombian Credit Rating Agency
February 26th, 2008
Moody’s Investors Service announced that it has executed an affiliation agreement with BRC Investor Services, a leading Colombian credit rating agency, which shall become effective after certain conditions are met.
Headquartered in Bogota, Colombia, BRC has established a strong local presence in Colombia since it was founded in 1998, providing local market credit ratings and corporate governance analysis.
The Technical Services Agreement will become effective after certain conditions have been met.
Upon the effectiveness of the Technical Services Agreement, Moody’s will provide BRC with technical support and analyst training based on its globally recognized credit analysis techniques for credit ratings and corporate governance research.
BRC will continue to provide domestic ratings services, rendering opinions on the relative creditworthiness of issuers and issues within Colombia.
Separately, Moody’s will continue to assign globally comparable ratings for domestic as well as cross-border financings.
"Colombia has been an economic success story, with a projected 2007 GDP of $167 billion and a real annual growth rate of over 6% for the last two years.
“Moody’s affiliation with BRC provides us with an important entry into the growing Colombian domestic market," said Susan Knapp, Team Managing Director and Head of Latin America for Moody’s Investors Service.
"This is another important step in our mission to expand our credit rating, research, and analysis services throughout Latin America."
Rafael Gonzalez, President of BRC, added "We believe our affiliation with Moody’s will benefit the Colombian capital markets and will better position us to serve issuers and participate in the growth of the local economy."
This affiliation continues Moody’s active efforts to expand its international footprint in high growth countries, including transactions in Indonesia, South Africa, Peru, El Salvador, Panama, Israel and now Colombia over the past twelve months.
Entry Filed under: FINWIRE®
Trackback this post