Fitch Ratings Increases Investment in Korea Ratings.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & LONDON -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. Limited today announced that it had entered into a sale and purchase agreement with several parties, the largest of which is Hanil Cement Co. Ltd, to increase its equity position to over 49% from 8% in Korea Ratings Corporation, the leading Korean credit rating agency A credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations. In most cases, these issuers are companies, cities, non-profit organizations, or national governments issuing debt-like securities that can be traded on a . Fitch Ratings, through negotiated private transactions, will pay about KRW KRW In currencies, this is the abbreviation for the Korean Won. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 56 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 61 million) to acquire a further 41% stake in Korea Ratings. Today's announcement extends and strengthens the relationship between Fitch and Korea Ratings. Fitch and Korea Ratings first entered into a strategic alliance in 1999, which included the provision of technical assistance and training. Since that time, Fitch and Korea Ratings have collaborated on the provision of credit ratings and operational risk management services as well as through joint conferences and seminars. Fitch made its first equity investment in Korea Ratings in 2001. "Korea is a very important market for Fitch and Korea Ratings is the leading rating agency in that country, which makes them an ideal partner for us," said Andrea Muller, Asia-Pacific head of Fitch Ratings. "The combination of Korea Ratings' local knowledge and Fitch Ratings' global expertise in credit complement both organizations' goals of providing the highest quality credit ratings and fixed income research." "Fitch has been a very good partner over the years and we look forward to greater success with them as our significant shareholder," said Young-Jin Lee, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Korea Ratings. Fitch expects the transaction to close upon satisfactory completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and other conditions to closing. About Fitch Ratings Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets. Fitch Ratings is dual-headquartered in New York and London, operating offices and joint ventures in more than 49 locations and covering entities in more than 90 countries. Fitch Ratings is a majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. of Fimalac S.A., an international financial services group headquartered and listed in Paris, France. About Korea Ratings Established in 1983, Korea Ratings is the leading domestic rating agency in Korea and has been instrumental in the development of Korea's fixed income market with its innovations and thought leadership. Korea Ratings has received awards for its exemplary corporate governance practices the last three consecutive years. Based in Seoul, Korea Ratings maintains ratings on over 350 Korean companies and also has a strong presence in the structured finance market. Since the strategic alliance in 1999, Korea Ratings has maintained a strong partnership with the Fitch Group, embarking on various cooperation initiatives with it in recent years. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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