ICRA pulls out services from Indonesia

Rating agency ICRA Ltd today said it has withdrawn its services from Indonesia in the wake of significant challenges in the current environment in the country.
After strategic and performance review of PT ICRA Indonesia, subsidiary at Indonesia, ICRA recognised that the path to scalability presents significant challenges in the current environment, the company said in a BSE filing.
"...And therefore has decided to withdraw the rating services business activity in Indonesia, subject to requisite approval of relevant regulatory authorities," it said.
The company, however, did not elaborate on the types of challenges it's facing in Indonesia.
ICRA, a subsidiary of Moody's, had launched its operations in Indonesia way back in September 2010.

The Moody's Group has a majority stake of 50.06 per cent in the company.
The stock closed up 0.81 per cent at Rs 4,219.95 on BSE.