Two credit rating agencies (CRAs) have established ‘Association of Indian Rating Agencies’ (AIRA) as a not-for-profit company.
AIRA is expected to work closely with the regulator and government for the development of debt market, according to the agencies.
While Care Ratings Ltd. and Acuité Ratings & Research Ltd are the founding members, two more rating agencies are expected to join soon, officials of Care and Acuite said.
AIRA has also invited three other CRAs to join the new body as shareholders-cum members. There are seven rating agencies registered with Securities Exchange Board India (SEBI).
“Ratings have become central to informed decision making in the financial world,” said Ajay Mahajan, MD & CEO, Care Ratings Ltd.
“Through this association, we aim to engage extensively and constructively with all stakeholders, including the regulators and policy makers, for the orderly development of debt market with the increased usage of credit rating.”
“The association will work with all stakeholders to enhance availability and flow of information needed for ratings and create awareness of the best practices adopted by the industry,” said Sankar Chakraborti, Group CEO and ED, Acuité Ratings & Research Ltd.
“We believe AIRA will play the role of a bridge between all stakeholders,” he added.
