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Cortera was founded in 1993 as SRR Solutions by Northeastern University professor, Venkat Srinivasan, [2] to provide credit & collections software. Over the years, the company raised tens of millions in venture capital funding, dabbled with the creation of an online B2B debt exchange and changed its name to eCredit in 1998.
A sovereign credit rating is the credit rating of a sovereign entity, such as a national government. The sovereign credit rating indicates the risk level of the investing environment of a country and is used by investors when looking to invest in particular jurisdictions, and also takes into account political risk.
This is known as the internal ratings-based (IRB) approach to capital requirements for credit risk. Only banks meeting certain minimum conditions, disclosure requirements and approval from their national supervisor are allowed to use this approach in estimating capital for various exposures.
In April 2005, US based credit rating agency S&P acquired the majority shares of company. [ 5 ] [ 6 ] As of December 2020 [update] , the company has revenue of ₹ 20,763 million (equivalent to ₹ 24 billion or US$290 million in 2023), net income of ₹ 3,547 million (equivalent to ₹ 4.2 billion or US$50 million in 2023).
Credit rating is a highly concentrated industry, with the "Big Three" credit rating agencies controlling approximately 95% of the ratings business. [3] Moody's Investors Service and Standard & Poor's (S&P) together control 80% of the global market, and Fitch Ratings controls a further 15%.
The term Foundation IRB or F-IRB is an abbreviation of foundation internal ratings-based approach, and it refers to a set of credit risk measurement techniques proposed under Basel II capital adequacy rules for banking institutions.
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CIBIL score is a bank's assessment of a client's trustworthiness based on information from their credit history. The higher the score, the more favourable the bank is to the client. It is a 3-digit number ranging between 300 and 900. Ideally, 720 or above score considered as a good CIBIL score.