CARE to provide technical assistance to Mexico’s HR Ratings

MUMBAI: Credit Analysis and Research has entered into an agreement with Mexico’s HR Ratings de Mexico for providing technical assistance related to credit rating.

“We will provide rating methodologies, operating procedures, training material and other relevant documentation to HR Ratings necessary for creating a blueprint for the operating and ratings methodologies of HR Ratings in Mexico,” said K Sivaprakasam, managing director & chief executive officer of CARE, which till June 2007 has completed 3,537 rating assignments involving debt volume of Rs 6,657 billion.

HR Ratings was recently founded by Alberto Ramos and Anibal Haibeca who previously operated a firm providing specialised credit and other analysis to institutional investors. In April this year, HR Ratings was licenced by Mexican regulator Comision Nacional Bancariay de Valores to operate as a rating agency in Mexico.

This is the first time CARE Ratings is providing cross border assistance to a rating agency based in Latin America. The company is also examining similar options of providing technical assistance to rating agencies based in Asia.