Pacific Credit Rating

Clasificadora / Calificadora de Riesgo PCR-PACIFIC CREDIT RATING

Type	Credit Rating Agency
Industry	Financial services
Predecessor	Duff & Phelps
Founded	1993
Headquarters	Lima, Peru
Website	www.ratingspcr.com

Classificadora / Calificadora de Riesgo PCR-PACIFIC CREDIT RATING is a Latin American credit rating agency. It has been operating since 1993 through its subsidiaries in Bolivia (1998), Costa Rica (2005), Ecuador (2000), El Salvador (2002), Guatemala (2010), Panama (2001) and Peru (1993). It is also currently expanding to other countries in Latin America. With the development of new secondary services, PCR is no longer limited to markets where it has been authorized to function, the ratings agency can act without restrictions on a global scale.

Origin

In July 1993, Jasaui & Asociados Economistas initiated its activities as a credit rating agency in Peru. Because of the need for the company to comply with regulations in effect at the time, the agency had to register its methodology in order to be able to provide its services to private pension funds. During this period, the country was still adapting to regulations of the securities market as a result of a series of structural reforms oriented towards its development, which would lead to new growth perspectives.

In February 1995, after publishing the Regulation of Credit Rating Agencies in Peru, Jasaui & Asociados Classificadora de Riesgo S.A. was established. In May 1995, the local regulating agency CONASEV authorized the first three credit rating agencies in the market. In August of the same year, a "joint venture agreement" was signed with Duff & Phelps Credit Rating Co. from the United States. As a result, the company changed its trade name to Duff & Phelps del Peru (DCR Peru).

Expansion and consolidation

This phase began in 1998 when DCR Peru decided to expand to the neighboring countries Bolivia and Ecuador. In July 1999, it was authorized by the Superintendence to make classifications for the Bolivian market which had a great growth potential. In October 2000 the merger of Fitch IBCA and DCR took place, and changed its name to "Pacific Credit Rating Clasificadora / Calificadora de Riesgo" (PCR), maintaining the same team of professionals who guaranteed continuity and quality of the work as from the beginning of operations. In January 2001 Bolivian branch was constituted, and by June 2001 it obtained authorization as a credit rating risk agency by both Superintendents in Bolivia. Similarly, to continue the expansion and consolidation process in Latin America, the Ecuador branch was established in October 2000. In July 2001, it obtained the certificate of inscription in the Registry of the Security Market and in January 2002 the authorization on the part of the Supervision of Banks. In September 2002, the expansion plan continued by setting up an office in El Salvador, and the same month, the National Commission of Securities of Panama issued authorization and granted PCR a permission to operate as a credit rating agency in Panama. In April 2002, PCR constituted a holding company in Panama and by the end of 2002 PCR S.A.C was acquired by Pacific Credit Rating Holding Inc.

International Ratings

In early 2002, PCR was recognized by the IDB-CGAP Fund. In November 2002, the unique methodology of Corporate Governance Ratings was launched at the BOVESPA, São Paulo, Brazil. During 2004, PCR launched its Sovereign Rating Methodology for Latin American Countries. In 2005 it joined the International Ratings Group.