Close to a third of rated companies do not cooperate with rating agencies

Rating agencies also struggle to find information on default in the event of a non-cooperative entity

Rating agencies say that as of end-March, close to a third of total ratings were of companies which did not readily cooperate in sharing data.

“There was an NBFC (non-bank finance company) which was not cooperating with us for long. We decided to give a default rating based on the limited information available, with an ‘issuer not co-perating’ note. The company reached out to us the next day,” said an official from one of the rating agencies.

Around 32 per cent of the 50,600 ratings were in the issuers not cooperating (INC) category at end-March. Also, according to the data