Sir,
With reference to the article on the rating agencies “Caught with their pants down?”, in the January 1998 issue of Euromoney.
The article refers to the collapse of the CRB group with $260 million in liabilities and mentions that Credit Analysis & Research (CARE) had given finance company CRB a single a rating in September 1996 which was maintained until April 1997 when the central bank banned the company from taking further deposits.
While the story itself is a balanced one and we appreciate the point made by referring to the CRB case, there are a few pieces of information regarding our rating of CRB which we would like to share with your readers.
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