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Wednesday, February 17, 2010

ICRA apply for rating permit to Bapepam-LK

BI / bursa
17/2/2010
Irvin Avriano A. & Yuda Prihantoro
Bisnis Indonesia

ICRA apply for rating permit to Bapepam-LK

JAKARTA: PT ICRA Indonesia request permission for rating agency license to the Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK).

Accounting Standards and Disclosure Bureau Chief of Bapepam-LK Etty Retno Wulandari, whose supervise rating agencies, said the request was submitted to the capital markets authority since January.

"They've have delivered the submission for a while, there will be assessment to learn about it. We already have work on them," she told Bisnis this weekend.

She explained the ICRA Indonesia associated with the original rating agency from India, ICRA Ltd. Data from its official website shows it is a small part-owned by Moody's Investors Service, as much as 28,5%.

The ratings company is also a public company which listed on the Bombay Stock Exchange and National Stock Exchange in India, owned by Moody's Investors Service through Moody's Investment Co India Pvt Ltd. ICRA India had formed since 1991 with the name of Investment Information and Credit Rating Agency of India Limited.

However, Etty not sure ICRA associate with Moody's Indonesia which had closed the company's branch office in Indonesia, PT Moody's Indonesia, in July last year. Moody's Indonesia was closed at the end of last year due to the policy by its parent company, among with several other branches, namely in Taiwan and Indiana, USA.

Etty added, one of the proposed directors of the company to lead the ICRA Indonesia is Minon Almasyur, which had led Moody's Indonesia as president director before the closing.

After Moody's Indonesia resignation, the existing ratings transfered to PT Pemeringkat Efek Indonesia (Pefindo) and PT Fitch Ratings Indonesia.

However, when confirmed, Minon did not respond the short message service which sent yesterday. When asked for comment about the entry plan of ICRA to the ratings industry, Pefindo President Director Kahlil Rowter didn't able to give answers.

"The Pefindo internal still have not discussed about it. We're still waiting for the results," he said.

Baraditta Katoppo, the Fitch Ratings Indonesia President Director, said that he had hear the plan of ICRA to setlle in Indonesia. He said that the company is very welcome with other ratings company that will establish in Indonesia.

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