Moody’s Corporation has acquired Peru-based credit rating agency, Class y Asociados S.A. Clasificadora de Riesgo.
“Peru’s dynamic domestic capital market is a priority for Moody’s as we continue to grow our presence across Latin America,” said Renzo Barbieri O’Hara, general manager of Moody’s Local Peru, in a press release. “With Class, we are excited by the opportunity to deepen our analytical capabilities to help further develop the Peruvian capital markets.”
Under the new acquisition, both parties will continue serving the Peruvian domestic bond market, but also help Moody expand its local platform’s footprint and grow general capital markets across Latin America, a related press release reports.
The acquisition was approved by the Peruvian Superintendence of the Securities Market and will be funded using cash. The investment is not expected to impact the New York-based company’s financial results for 2022.
Based in Lima, Class specializes in providing credit risk solutions to local financial institutions, such as municipalities, banks and insurance companies, according to a press release. Prior to the merger, the company handled separate operations for its analytical and credit rating departments, but now, its operations have been integrated with Moody’s Local.
Established in 2019, Moody’s agency also manages operations in Argentina, Bolivia, Brazil, Panama and Uruguay.