Icra joins hands with Bulgarian rating agency

Icra on Wednesday signed a deal with Bulgarian Credit Rating Agency (BCRA). In keeping with the memorandum of understanding (MoU), Icra will provide technical assistance to BCRA in designing rating methodologies, impart training to its analysts and help them carry out rating assignments.

Icra's expertise in grading construction entities and real estate developers and projects is of particular relevance for BCRA, given the increasing importance of the construction industry in Bulgaria.

This follows the country's shift to market economy, with focus on the urban and industrial sectors, an Icra release said.

BCRA proposes to use Icra's expertise in establishing a firm base for the system of credit rating in Bulgaria, BCRA executive director Sonya Sofronova said.

Through credit rating, BCRA wants to assist Bulgarian companies find new financing opportunities and market expansion, she added. Icra runs a similar technical collaboration agreement (TCA) with the Credit Rating Agency of Bangladesh (CRAB). It is assisting CRAB develop rating methodologies and design advisory and information services products, among other things.

Icra has also helped in the establishment of a credit rating agency in Kuwait and has also signed a MoU in another country in West Asia, even as similar moves are being made in certain other Asian and European countries.

Till date, the Indian rating agency has completed over 3,700 assignments, including credit ratings, equity gradings, customised research and need-based advisory services.