CARE Ratings established its full fledged branch office in Male' - Maldives

Credit Analysis and Research Ltd., (CARE Ratings), which is the first rating agency to have been granted a licence for conducting credit rating operations in the Maldives by the Capital Market Development Authority (CMDA), has established its full fledged branch office in Male’, Maldives.

At the function organised to inaugurate its office in Male’ on 29th March, 2011, CARE Ratings Chairman, Mr O.V. Bundellu said, “this marks an important step forward for CARE Ratings as well as the financial sector in Maldives.” He further emphasised the CARE Ratings brings into Maldives its  nearly two decade of expertise in the field of credit rating covering a wide range of sectors.  While welcoming the dignitaries, he looked forward to increased role of credit rating in developing the debt markets. He added that availability of independent credit ratings would also facilitate implementation of risk based capital for Banks in Maldives as and when the regulators decide to do so.

CARE Ratings Deputy Managing Director, Mr Rajesh Mokashi, said that “CARE Ratings Maldives will play a development role in building awareness of benefits of credit ratings in Maldives.”

Dignitaries who attended the inaugural function included Ms. Fathimath Shafeega, CEO of Capital Market Development Authority, Maldives, Mr. Ibrahim Nasir,CEO of Maldives Stock Exchange and Mr. Ranjan Gupta, President & CEO of State Bank of India, Maldives.

Mr Vidhya Sagar is heading the Maldives operations of CARE and can be reached at +9609848744  (vidhya.sagar@careratings.com)

CARE Ratings India is a premier rating agency with Head quarters in Mumbai and branches in all major metros in India. CARE has, since its inception in April 1993, completed over 8500 rating assignments having aggregate value of nearly Rs.26700 bn as at September 30, 2010. CARE follows a rigorous process in rating and has a unique system of an External Rating Committee appraising each and every proposal. This has lent a cutting edge advantage in terms of rating being professional, unbiased and credible. CARE is recognised by all the regulatory authorities of India, namely Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI). CARE was promoted by major Banks/FIs (financial institutions) in India and the three main shareholders are IDBI Bank, Canara Bank and State Bank of India. CARE Ratings also has MOUs in place for providing technical know-how to rating agencies in other countries such as Mexico, Bangladesh, Nepal and Ecuador.