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India : ICRA, PNB ink cooperation agreement
Publish Date : 27-Dec-2013
A cooperation agreement has been inked between credit rating agency ICRA Limited and Punjab National Bank (PNB), which will see ICRA assigning ratings to small enterprises (SEs)/small scale industries (SSIs) and small and medium enterprises (SMEs) that borrow from the bank.
ICRA will implement the SE/SSI ratings under the National Small Industries Corporation-ICRA (NSIC-ICRA) performance and credit rating program for SSIs, while, the SME ratings would be assigned on the ICRA-SME rating scale.
ICRA is providing special terms to borrowers covered by the agreement to help existing and prospective SE/SSI and SME borrowers of PNB obtain ratings.
Due to the agreement, ICRA ratings would act as an objective and scientific input in decision making and offer help in risk pricing, apart from serving as an input in the setting of collateral needs for borrowers and easing future deals involving collateralized bond and loan obligations (CBOs and CLOs).
ICRA said it would also profit PNB's borrowers, as it would enable them to obtain ICRA ratings at a relatively low cost.
