Association of Credit Rating Agencies in Asia (ACRAA)

ACRAA was established in September 2001 under the leadership of JCR.

Profile and Activities of ACRAA

ACRAA, the association of credit rating agencies (CRAs) in Asia, was established in 2001 to promote mutual cooperation among members for the purpose of improving rating quality. In emerging market countries in Asia, rating scales vary from country to country. However, challenges are common in such areas as objectiveness and transparency of rating process, and quality of analysis and rating. In order to jointly address those issues, ACRAA has been establishing and disseminating the best practices in rating process and conducting joint training workshops. In recent years, it has also enhanced its roles to collect information on the global regulatory framework over CRAs, and to provide information on the bond markets and mandatory rating requirements in Asia. As Chairman, JCR has been leading the activities of ACRAA.

List of ACRAA Members

ACRAA’s membership counts 26 CRAs in 14 jurisdictions in Asia.
JCR continuously exchanges information and opinions with the peer CRAs including through its activities at ACRAA.

Country/Region CRA
Bahrain Islamic International Rating Agency (IIRA)
Bangladesh Credit Rating Agency of Bangladesh Limited (CRAB)
Credit Rating Information & Services Limited (CRISL)
Emerging Credit Rating Ltd.
National Credit Ratings Ltd.
India Brickwork Ratings India Pvt. Ltd.
CARE Ratings Limited
CRISIL Limited
ICRA Limited
Indonesia PEFINDO Credit Rating Indonesia (PEFINDO)
Japan Japan Credit Rating Agency, Ltd. (JCR)
Korea Korea Ratings Corporation (Korea Ratings)
Malaysia Malaysian Rating Corporation Berhad (MARC)
RAM Rating Services Bhd
Pakistan VIS Credit Rating Company Limited (VIS)
Pakistan Credit Rating Agency Limited (PACRA)
China China Chengxin International Credit Rating Co., Ltd. (CCXI)
China Lianhe Credit Rating Co., Ltd
Fareast Credit Rating Co.Ltd.(FECR)
Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.
Golden Credit Rating International Co. Ltd.
Philippines Philippine Rating Services Corporation (PhilRatings)
Russia Analytical Credit Rating Agency
Taipei, China Taiwan Ratings Corp (TRC)
Thailand TRIS Rating Co. Limited (TRIS)
Turkey JCR Eurasia Rating

(as of Jan. 01, 2021)