Kolkata, June 15 (IANS): Credit rating agency ICRA on Monday said it is pulling out its operations in Indonesia following challenges in scalability under the current business environment in the country.
"After strategic and performance review of PT ICRA Indonesiaa, ICRA recognised that the path to scalability presents significant challenges in the current environment", the agency said in a statement.
It said under its plans of the withdrawal, rating services will be discontinued in the island country. However, the final stage of the decision is subject to requisite approval of relevant Indonesian regulatory authorities.
Moody's Group has a 50.6 percent equity ownership stake in ICRA.