Moody’s Corporation said that it has agreed to acquire a minority stake in ICR Chile.
ICR is a provider of domestic credit ratings in Chile. This transaction adds to Moody’s growing presence across Latin America, which now extends to eight countries in the region.
“ICR’s ratings provide an important service to the vibrant and growing domestic debt market in Chile, and we are pleased to add to Moody’s expanding presence throughout Latin America,” said Robert Fauber, President of Moody’s Investors Service.
Based in Santiago, ICR Chile was founded in 2005. Following the transaction, ICR Chile will become an affiliate of Moody’s Investors Service, and will continue to issue domestic ratings with an independent analytical and rating committee process.
“Moody’s is a global leader in credit ratings and research with a strong presence in Latin America. The Chilean capital markets will benefit from that global perspective as we continue to provide deeper and more comprehensive services to our customers and the domestic debt markets in Chile,” said Alvaro Clarke, President of ICR Chile.
With this investment, Moody’s or its affiliated companies now assigns domestic ratings in Argentina, Brazil, Chile, Mexico, Panama, Peru and Uruguay. In addition, Equilibrium Moody’s wholly-owned affiliate based in Lima, Peru, recently announced plans to extend its ratings coverage to Bolivia.
The transaction is expected to be finalized in the first quarter of 2019. The terms of the investment were not disclosed. The investment in ICR Chile will not have a material impact on Moody’s 2019 financial results.