Kathmandu, January 2
The government has awarded Fitch Ratings, a United States-based international credit rating agency, to study and confirm Nepal’s sovereign credit rating.
Of the three rating agencies that had expressed interest to conduct the country’s sovereign credit rating, the Ministry of Finance (MoF) has assigned the task to Fitch Ratings, informed Uttar Kumar Khatri, spokesperson for the Finance Ministry.
Along with Fitch Ratings, Moody’s and Standard & Poor’s were the two other credit rating agencies that had expressed interest to gauge Nepal’s creditworthiness.
As per Khatri, Fitch Ratings is carrying out works related to the sovereign rating in coordination with the Department for International Development (DFID), United Kingdom.
“Fitch has already started collecting necessary statistics and documents to calculate and determine the country’s rating. We have asked the agency to complete the credit rating process by the end of the ongoing fiscal year,” informed Khatri.
Sovereign credit rating determines the trustworthiness of the business environment and credit risk of a potential debtor, an individual, company, business, government or any other sovereign entity.
Read the full news article on The Himalayan Times.
