KUALA LUMPUR (April 21): Malaysian Rating Corporation Bhd (MARC) said it has entered into a partnership with Japan Credit Rating Agency Ltd (JCR).

It said a memorandum of understanding signed yesterday by the two credit rating agencies set the framework for cooperation in cross-border debt issuances by Japan and Malaysia-domiciled issuers as well as investment in the cross-border securities offerings in their respective debt markets.

JCR is a leading credit rating agency in Japan with more than 60% coverage of Japanese companies that solicit credit ratings, MARC said in a statement.

JCR's global scale ratings are recognised in the United States and European Union as it is registered with the US Securities and Exchange Commission (SEC) and certified by the European Securities and Markets Authority (ESMA).

Both MARC and JCR have been expanding their respective global footprints by building networks with other credit rating agencies through similar strategic alliances.

MARC had previously entered into a collaborative partnership with JCR Eurasia Rating, a Turkey-based credit rating agency, in which JCR also has an investment.

Presently, MARC has ties with JCR's partner in India, CARE Ratings, and Pakistan-based JCR-VIS Credit Rating Co Ltd, a company in which JCR has an investment.

MARC is also currently providing technical assistance to Bahrain-based Islamic International Rating Agency (IIRA) and Bangladesh-based domestic rating agency Emerging Credit Rating Ltd (ECRL).