Bangalore, Karnataka, India:The RBI has approved Brickwork Ratings as an eligible Credit Rating Agency for bank loans/facilities. In effect, the RBI has accorded Brickwork, the ECAI (External Credit Assessment Institution) status under Basel norms.
RBI issued a circular DBOD.No.BP.BC 92/21.06.007/2011-12 dated April 13, 2012, addressed to all scheduled commercial banks, that modifies Para 6 of RBI Master Circular DBOD.No.BP.BC.11/21.06.001/2010-11dated July 1, 2011, which specifies Prudential Guidelines on Capital Adequacy and Market Discipline- New Capital Adequacy Framework (NCAF). Brickwork Ratings is now included as an eligible CRA under these guidelines. The third Para of RBI circular reads as follows:
3. It has now been decided that banks may also use the ratings of the - Brickwork Ratings India Pvt. Ltd. (Brickwork) for the purpose of risk weighting their claims for capital adequacy purposes in addition to the existing four domestic credit rating agencies. The rating-risk weight mapping for the long term and short term ratings assigned by Brickwork will be the same as in case of other rating agencies.
Brickwork Ratings has been registered with the Securities and Exchange Board of India as a CRA since 2008. Brickwork Ratings has also been recognized by the National Small Industries Corporation under the Ministry of MSME, Government of India to rate the MSMEs. With this approval from the RBI, Brickwork is a full service rating agency in the country.
Commenting on the RBI approval, D Ravishankar, Founder Director said, “Since inception, Brickwork has rated over 180 issues amounting to over Rs 125,000 crores. Brickwork has rated NCD/bond issues, Issuer Rating, Security Receipts, Structured Obligation transactions, IPO Gradings, Financial Strength of Insurance Companies, Corporate Governance Ratings etc. With RBI approval, Brickwork Ratings will now focus on bank loans too”
Vivek Kulkarni, the Founder Managing Director, said, “RBI approval has enhanced the scope of operations for Brickwork. However, irrespective of scale of operations, Brickwork Ratings is always committed to quality, financial literacy and serve investors to make informed investment decisions.
Brickwork is headquartered in Bangalore and has offices in Mumbai, New Delhi, Chennai, Hyderabad and Kolkata. Besides, Brickwork representatives are in Chandigarh, Coimbatore, Guwahati, Pune, Rajkot and Vadodara.
Anitha Girish, Brickwork Ratings, +91 99002 68535