December 22, 2017 01:30 AM NPT
KATHMANDU, Dec 22: CARE Ratings Nepal has started providing credit rating services in Nepal. Chairman of Securities Board of Nepal (Sebon) Rewat Bahadur Karki inaugurated the company amid a ceremony held in Kathmandu on Thursday.
CARE Ratings Nepal is the second credit rating agency in the country. It breaks the monopoly of ICRA Nepal -- the only agency in the credit rating market of the country. CARE Ratings Nepal is a joint venture between India's CARE Ratings Ltd and Nepali companies. CARE Ratings Ltd hold 51 percent in the company. Emerging Nepal Ltd, Vishal Group, Nepal Reinsurance Company Ltd, Global IME Bank Ltd, Prudential Insurance Company Ltd and Life Insurance Corporation Ltd are the other shareholders of the new credit rating company.
SB Mainak is the chairman of the company while Sajan Goyal is the CEO.
According to company officials, the company will provide ratings for various instruments such as bonds, debentures, commercial paper, bank deposits, structured finance and other debt instruments besides giving grade to Initial Public Offer, Follow on Public Offer and Rights Issue. The company will also cover rating of issuers including insurance companies, asset management companies and SMEs.