Moody’s acquires minority stake in MARC

KUALA LUMPUR (Aug 12): Global integrated risk assessment firm Moody’s Corporation has acquired a minority stake in Malaysian Rating Corporation Berhad (MARC).

In a statement Aug 11, Moody’s said the investment strengthens its presence in Southeast Asia and across domestic bond markets globally, and advances its position as a leader in Islamic finance.

Managing Director and Head of Moody’s Investors Service Asia Pacific Wendy Cheong said Malaysia’s robust domestic bond market presents an attractive opportunity for Moody’s.

“We are excited to build upon our partnership with MARC and its growing portfolio of ratings and services,” she said.

Cheong said the investment strengthens Moody’s presence in Malaysia, a key market within Asean.

She said Malaysia has the region’s largest domestic corporate bond market and has established itself as a global hub for Islamic finance, with the world’s largest sukuk market.

Meanwhile, MARC Group Chief Executive Officer Datuk Jamaludin Nasir said this strategic partnership with Moody’s deepens MARC’s commitment to the sustainable development of Malaysia’s capital markets.

He said MARC will continue to operate as an independent entity and will remain separate from Moody’s Investors Service and its credit rating processes and activities.

Moody’s, however, did not disclose the exact quantum of the stake it had acquired nor the cost.

Source: TheEdgeMarkets