Nepal Credit Rating Agency, second credit rating agency of Nepal; Legal procedures to complete within 5 months

Nepal Credit Rating Agency (NRA), a newly formed credit rating agency of Nepal has asked for Letter of Intent (LOI) to Securities Board of Nepal (SEBON) on Thursday ( Baisakh 9, 2073). Dun & Bradstreet, an American based company owns 65 percent of the investment in Nepal Credit Rating Agency whereas 20 percent of the investment has been allocated for commercial banks and the remaining 15 percent investment will be done by the management team. Former CEO of  Commerz And Trust Bank Nepal Limited Mr. Anal Raj Bhattrai is one of the key member of the management team of the rating agency. ‘Documentation process has been completed and it may take 4/5 months to complete the legal procedure. We are waiting for LOI. After getting LOI, office construction and staff recruitment process will proceed.’ added Bhattarai , Former CEO of Commerz and Trust Bank. Nepal Credit Rating Agency will provide rating service along with other financial services to the companies. So far ICRA Nepal Limited (ICRA Nepal), the first Credit Rating Agency in Nepal, is a subsidiary of ICRA Limited (ICRA) of India, which has been providing credit rating services for the various public share issue and to the public companies in Nepal. It was incorporated on November 11, 2011 and granted licence by the Securities Board of Nepal (SEBON) on October 3, 2012.