Moody’s Corporation (NYSE:MCO) today announced that it has agreed to acquire SCRiesgo, a leading group of local credit rating agencies serving domestic financial markets in Central America and the Dominican Republic. The acquisition significantly expands Moody’s presence in Latin America and reaffirms its commitment to and support for the ongoing development of regional capital markets.
Following the acquisition, SCRiesgo will become an affiliate of Moody’s Local, Moody’s domestic credit ratings platform, with SCRiesgo continuing to issue domestic ratings with an independent analytical and rating committee process. SCRiesgo General Manager Gary Barquero will continue to lead the company’s operations following the acquisition.
“Latin America’s maturing financial markets are a priority for Moody’s as we expand our regional footprint and solidify Moody’s Local and its affiliates as leading domestic credit rating agencies in the region,” said Martin Fernandez-Romero, Managing Director and Regional Head of Latin America for Moody’s Investors Service. “SCRiesgo and its impressive team will deepen Moody’s analytical capabilities, help create further transparency in domestic markets, and extend our reach in Central America, the Dominican Republic, and beyond.”
Based in Costa Rica and El Salvador, SCRiesgo provides domestic credit ratings to banks, financial institutions, investment funds, corporations, public sector issuers, and other market participants in Costa Rica, El Salvador, Nicaragua, Panama, Honduras, Guatemala, and the Dominican Republic.
Moody’s Local is a domestic credit ratings platform launched in 2019 to provide ratings and research to capital markets across Latin America. The platform combines tailored methodologies with experienced teams of local analysts to provide valuable, market-specific insights. Moody’s Local operates in Argentina, Bolivia, Brazil, Mexico, Panama, Peru, and Uruguay. Moody’s intends to merge SCRiesgo’s Panama operations into Moody’s Local Panama soon after closing.
Moody’s acquisition of SCRiesgo is subject to regulatory approval in certain jurisdictions. The transaction is expected to close in the second quarter of 2023.
Source: Company Press Release
