Moody's To Buy SCRiesgo To Boost Its Presence In Latin America

(RTTNews) - Moody's Corporation (MCO) said on Thursday that it has agreed to buy SCRiesgo, a group of local credit rating agencies focused on domestic financial markets in Central America and the Dominican Republic.

Financial terms of the deal are not known. The transaction, expected to be closed in the second quarter of 2023, will significantly expands its presence in Latin America, the rating agency said in a statement.

Martin Fernandez-Romero, Regional Head of Latin America for Moody's Investors Service, 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."

Following the transaction, SCRiesgo will become an affiliate of Moody's Local, Moody's domestic credit ratings platform and the newly acquired agency will continue to issue domestic ratings with an independent analytical and rating committee process.

Based in Costa Rica and El Salvador, SCRiesgo provides domestic credit ratings to banks, financial institutions, investment funds, and others in Costa Rica, El Salvador, Nicaragua, Panama, Honduras, Guatemala, and the Dominican Republic.