The Hindu Business Line : Corp Bank signs MoUs with rating agencies

Mr M. Narendra, General Manager of Corporation Bank, told Business Line that these MoUs will assist potential and existing borrowers of Corporation Bank in obtaining ratings.

The MoU with Dun & Bradstreet, which was signed on December 19, is for rating of bank’s existing and prospective SSI borrowers. The MoU with Fitch is for rating of SME borrowers and for bank loan ratings under the standardised approach of the RBI’s new capital adequacy framework for Basel-II. The MoU with ICRA is for rating of bank loan ratings under the standardised approach of the RBI’s new capital adequacy framework for Basel-II.

The MoUs with ICRA and Fitch were signed on December 20. Fitch and ICRA have offered special terms to Corporation Bank clients under the MoU.

Fitch and ICRA’s ratings for the standardised approach would be carried out under their ‘Line of Credit’ rating service and would enable the bank to assign the new risk weights applicable to its borrowers under Basel-II. The risk weights would be linked to the various rating categories as per the RBI’s Basel-II guidelines, he said.

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