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November 19: CARE Ratings Nepal, a joint venture company with CARE Ratings India (formerly known as Credit Analysis and Research Ltd), has been issued a Credit Rating License from the Securities Board of Nepal on November 16, to operate credit rating business in Nepal.
Issuing a press statement, the company said that SEBON’s Deputy Director Niranjaya Ghimire handed over the Credit Rating License to Dr Binod Atreya, director and Sajan Goyal, CEO of CARE Ratings Nepal amid a function at SEBON office on Thursday.
The Credit Rating Agency Regulation, 2068 in Nepal states that companies planning to issue ordinary shares, bonds, debentures, and preference shares exceeding Rs 30 million in value have to be rated by a rating agency. The company said that credit rating agencies (CRAs) play an important role in most modern capital markets that assigns credit ratings.
“Credit rating is the opinion of the rating agency on the relative ability and willingness of tile issuer of a debt instrument to meet the debt service obligations as and when they arise,” reads the statement issued by CARE Ratings Nepal.
“CARE Ratings Nepal will offer all the credit rating services in Nepal like IPO grading, rating of bonds and debentures, issuer ratings, mutual funds rating etc. There are about 200 listed companies, mostly banks and insurance companies in Nepal. The mandatory increase in the share capital of banks and insurance companies over a period of time offers the business opportunity for the rating agencies,” said Sajan Goyal, CEO of CARE Ratings Nepal.
CARE Ratings Nepal Limited said it was registered with the Office of Company Registrar in May 2017 with the main objective of providing credit rating services in Nepal. The main promoters of the CARE Ratings Nepal are CARE Ratings India (51% stake) alongwith other shareholders including Vishal Group Ltd (10%), Emerging Nepal Limited (10%) and four banks and insurance companies with 5% each share— Global IME Bank, Nepal Reinsurance Company Ltd, Prudential Insurance Company Ltd, and Life Insurance Corporation Ltd. The other shareholders of the company are individuals.
“With the establishment of CARE Ratings Nepal Limited, companies will receive prompt and efficient services at reasonable and competitive cost,” said Binod Atreya, director of CARE Ratings Nepal Limited.
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<p>The Credit Rating Agency Regulation, 2068 in Nepal states that companies planning to issue ordinary shares, bonds, debentures, and preference shares exceeding Rs 30 million in value have to be rated by a rating agency. The company said that credit rating agencies (CRAs) play an important role in most modern capital markets that assigns credit ratings.</p>
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