ICRA to offer rating services in Indonesia

MUMBAI - Top Indian rating agency ICRA will soon offer its credit, grading and financial information services in Indonesia, following the grant of licence in the East Asian country, the company said in a statement Tuesday.

Company chairman P.K. Choudhury said Indonesia was among the countries that managed to tide over the current global financial crisis without suffering any major slowdown and hence offered a major potential for ICRA.

“The debt market in Indonesia has particularly shown vibrancy in recent years, expanding to nearly $100 billion in fiscal year 2009 from less than $70 billion in FY 2008. Significantly, new bond market rose to $65 billion from $35 billion,” he said.