Moody’s Corporation confirmed plans to acquire SCRiesgo, based in the Dominican Republic and other Central American markets, a press release reported.
“Latin America’s maturing financial markets are a priority for Moody’s as we expand our regional footprint and solidify Moody’s Local and its affiliates as leading domestic credit rating agencies in the region,” managing director and regional head of Latin America for Moody’s Investors Service, Martin Fernandez-Romero, said. “SCRiesgo and its impressive team will deepen Moody’s analytical capabilities, help create further transparency in domestic markets and extend our reach in Central America, the Dominican Republic and beyond.”
Once the acquisition is finalized, SCRiesgo will be considered an affiliate of domestic credit ratings platform Moody’s Local. General Manager Gary Barquero will continue overseeing the company’s local operations.
The transaction, subjected to “regulatory approval in certain jurisdictions,” is projected to be finalized during the second quarter of 2023.
Through the addition, Moody will strengthen its operations in Latin America. The expansion correlates with Moody’s plans to merge with SCRiesgo’s Panama operations into Moody’s Local Panama following closures.
SCRiesgo has extended its domestic credit ratings to financial establishments based in Costa Rica, El Salvador, Nicaragua, Panama, Honduras, Guatemala and the Dominican Republic. The company hopes to integrate its strong presence in the Central American region with Moody’s ratings and research capabilities. Currently operating in Argentina, Bolivia, Brazil, Mexico, Panama, Peru and Uruguay, Moody’s platform is designed to provide valuable, market-specific insights.