Summary of Proposed Investment
Project Number
4960
Company Name
Turkish Credit Rating Agency
Date SPI Disclosed
Apr 30, 1996
Country
Turkiye
Industry
Financial Markets
Status
Completed
Sector
Credit Information Services
Department
Regional Industry FIG MCT
Environmental Category
C - No Impact
Previous Events
Approved : Jun 14, 1996
Signed : Dec 23, 1996
Invested : Nov 20, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Turkey-Credit Rating Agency |
| Region | Europe |
| Sector |
Projected Board DateJune 15, 1996
Company NameIBAR/DCR Duff & Phelps Credit Rating, Turkey
Technical Partner and/or Major Shareholders
The technical sponsor of the Company will be Chicago-based Duff & Phelps Credit Rating Company (D&P), one of the largest U.S. rating agencies. In recent years, D&P has expanded its operations to emerging markets and has set up joint-venture rating companies in a number of Latin American countries. D&P’s assistance to the Company will include training of local staff, participation in rating decisions, and the provision of its name to the joint-venture. The local partner will be the International Banking Advisory and Research Group (IBAR), a reputable independent Istanbul-based corporate research firm.
Project Cost Including proposed IFC investment
Up to US$500,000, in equity to be paid as follows:
40% (IBAR)
40% (D&P)
20% (IFC)
Location of project and Description of site
Istanbul, Turkey
Description of Company and Purpose of Project
The project involves the establishment of Turkey’s first credit rating agency whose objective will be to provide independent professional risk assessments of corporate debt with a view to facilitating the development of an efficient market in debt instruments. IFC has played a critical role in developing this project by first identifying a suitable local partner and then by attracting an internationally reputed technical partner. IFC’s participation will also lend credibility to this new concept in Turkey, whose success depends on its being perceived as an objective and independent organization.
Environmental Category and Issues
This is a category C project according to IFC’s environmental review procedure therefore no further environmental review is required.
| Date SPI sent to PIC | April 30, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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