Syndicate Bank signs pact with Fitch for rating small and medium enterprises

Mumbai: Syndicate Bank has signed a memorandum of understanding (MoU) with credit rating agency Fitch for rating of SMEs corporate and non-corporate entities.

Under the MoU, the bank will tap Fitch's rating services to enhance credit flow to the small and medium enterprises in the country, a bank statement said.

This would make credit affordable to the small and medium enterprises sector while making credit delivery transparent, comprehensive and reliable, the bank said.

Rating of these enterprises would also enable Syndicate Bank to objectively evaluate its infrastructure, corporate and other loan exposures, it said.

Fitch will offer concession in fee payable for cases referred by the bank. Syndicate Bank now has agreements with all four RBI-approved rating agencies.