Crisil signs MoU with ICICI Foundation, IFMR Trust to rate MFIs, ULBs

18 July 2008

Mumbai: Rating agency Crisil has entered into an agreement with ICICI Foundation and IFMR Trust to rate micro finance institutions (MFIs), urban local bodies (ULBs) and help them develop into commercially viable entities.

Under the agreement, Crisil will rate micro finance institutions (MFIs), urban local bodies (ULBs) and vocational training institutes to enable these entities to attract more investments, Crisil's managing director & CEO, Roopa Kudva, said.

''Our rating will enable MFIs and ULBs to access funding from mainstream investors and lenders. Vocational training institutes can use these ratings to build credibility and improve placements for their students," Kudva said.

Crisil will develop a criteria and rating standards to rate the fund-starved small-sized institutions across the country in association with IFMR Trust and ICICI Foundation, Kudva said.

Crisil will also publish and disseminate rating criteria for such entities.

''The agreement will help to develop new models that will significantly expand the set of market-based opportunities available to low income households," ICICI Foundation's president, Nachiket Mor said.