Pacific Credit Rating

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Pacific Credit Rating
Type	Credit Rating Agency
Founded	1993
Headquarters	Lima, Peru
Industry	Financial services
Website	www.ratingspcr.com

1 Description
2 Origin
3 The middle stage
4 Expansion and Consolidation
5 International Ratings

[edit] Description

Pacific Credit Rating-PCR is a Latin American credit rating agency. It operates since 1993 through its subsidiaries in Bolivia (1999), Costa Rica (2005), Ecuador (2000), El Salvador (2002), Panama (2002) and Peru (1993). It is also currently expanding to other countries of Latin America. With the development of new services, the PCR operations are no longer limited only to regulated markets, but also act without restrictions in a worldwide level.

[edit] Origin

In July 1993, Jasaui & Civil Economists Society Associates of Limited Responsibility initiated its activities of credit rating in Peru, in compliance with the regulation of the date, which enabled the economic-finance consultancy companies to previously register the methodology in order to provide this highly required service to private pension funds. During this period, the Peruvian market was adapting to the new regulation of the securities market due to the application of a series of structural reforms oriented towards the development of the securities market, thus to new growth perspectives.

[edit] The middle stage

In February 1995, after publishing the Regulation of Credit Rating Agencies in Peru, Jasaui & Asociados Clasificadora de Riesgo S.A. was established. In May 1995, local supervisor CONASEV authorized the first three credit rating agencies in the market. In August the same year, “joint venture agreement" was signed with Duff & Phelps Credit Rating Co. from United States. As a result, the company changed its trade name to Duff & Phelps del Peru (DCR Peru).

[edit] Expansion and Consolidation

This phase began in 1998 when DCR Peru decided to expand to the neighboring countries Bolivia and Ecuador. In July 1999, it was authorized by the Superintendence to make classifications for the Bolivian market which had a great growth potential. In October of 2000 the merger of Fitch IBCA and DCR took place, and changed its name to "Pacific Credit Rating Clasificadora de Riesgo" (PCR), maintaining the same team of professionals who guaranteed continuity and quality of the work as from the beginning of operations. In January 2001 Bolivian branch was constituted, and by June of 2001 it obtained authorization as a credit rating risk agency by both Superintendents in Bolivia. Similarly, to continue the expansion and consolidation process in Latin America, the Ecuador branch was established in October of 2000. In July 2001, it obtained the certificate of inscription in the Registry of the Security Market and in January 2002 the authorization on the part of the Supervision of Banks. In September 2002, the expansion plan continued by setting up an office in El Salvador, and the same month, the National Commission of Securities of Panama issued authorization and granted PCR a permission to operate as a credit rating agency in Panama. In April 2002, PCR constituted a holding company in Panama and by the end of 2002 PCR S.A.C was acquired by Pacific Credit Rating Holding Inc.