Based in Kuwait, Capital Standards Rating (CSR) is the only independent
local rating agency. CSR is licensed by the Ministry of Commerce
and is incorporated inline with the international credit rating
agencies eligibility criteria as recommended by IOSCO (the International
Organization of Securities Commissions).
CSR is committed to the assignment of credit ratings and is equipped
to provide a full range of credit rating related services in the
MENA region. This includes:
of issuers, such as corporate entities, financial institutions;
Islamic and commercial banks, investment companies, finance
companies, real estate, and insurers according to a local National
scale, which was developed specially for national credit risk
of issues, such as sukuk, bonds, loans, funds (closed-end, money
market, real estate, and sovereign) according to a local National
of corporate governance ratings pursuant to a specially developed
scale for corporate governance rating.
For each of the rating services, CSR delivers independent and practical
solutions, using both standardized quantitative and qualitative analyses
in its methodologies. This supports CSR's mission of improving market
efficiency and transparency.
The ownership and management structure of CSR ensures complete independence
from any direct or indirect control of any private sector, business
group, or financial institution. A rating assigned by the rating committee,
which includes senior management of CSR, reflects CSR's objectively
formed opinion of credit risk. To remain unbiased, the agency does
not act as a participant in the financial market; i.e. does not manage
funds or assets. To avoid any possible conflict of interest, CSR ensures
that every analyst assigned to a credit rating team is not related
in any way to the issuer or issue being rated.
Not only does CSR offer rating services, but financial consulting
services as well. To ensure the integrity of the rating process and
to avoid any conflict of interest between the two different kinds
of services, CSR has documented and implemented strong firewalls that
prevent the disclosure or use of non-public information by the other
department or their personnel, as well as between credit rating teams
involved in rating different entities. Accordingly, CSR has developed
a Professional Code of Conduct and designed a workflow procedure.
CSR's Consulting Department provides advisory support to both private
and public entities in their prospective business transactions - as
they expand, restructure, or merge / acquire new businesses.
The financial consultants provide a range of consulting services with
special attention to the company's business, its industry, and the
market(s) it is involved in. CSR's consulting services include:
||Mergers & Acquisitions