Mumbai: Fitch India Friday said it has rebranded its existing ratings business as India Ratings & Research (India Ratings), which will be dedicated to the local market.
India Ratings will be focused exclusively on national- scale, domestic credit ratings, the agency said in a statement.
Accordingly, national ratings will no longer be assigned under the Fitch Ratings name. All national-scale ratings previously assigned by Fitch Ratings will be transferred to India Ratings, it said, adding the new entity will remain wholly-owned by parent Fitch.
However, international ratings of domestic banks, corporates and other entities will continue to be assigned under the Fitch Ratings brand and will reflect its global policies and procedures, the statement said.
The effective date for the split is September 12, it said, adding that it has received approval from the Registrar of Companies for the rebranding exercise.
The statement said Fitch Ratings India Managing Director and Chief Executive Atul Joshi will serve in the same role and head India Ratings.
"India Ratings will use Fitch's analytical criteria, code of conduct and a host of relevant operational documents, processes and procedures. We will also continue to use our global rating tools. From a domestic issuer perspective, there will be minimal changes or inconvenience," Joshi said.
India Ratings will continue to rate instruments such as bank loans, bonds, debentures, and structured transactions on the national-scale for the domestic market, using the same criteria and global best-practice standards.
First Published: Friday, September 14, 2012, 21:33