An international credit rating agency is proposed to be set up soon by rating organisations from five countries, including India’s Credit Analysis and Research Limited.

This was disclosed at a press conference here on Thursday by CARE Ratings Chief General Manager P. N. Satheesh Kumar, while announcing the company’s initial public offer, which opens on Friday and closes on December 11.

He said that a non-binding MoU was signed by CARE Ratings with four rating agencies — one each from Brazil, South Africa, Portugal and Malaysia — for the proposed international body.

He said discussions were in an advanced stage and the details would be firmed up soon.