Citi Bank and Standard Chartered Bank were appointed as the sovereign credit ratings advisors by the Government of the Union of Myanmar to act as a bridge between the Myanmar government and the ratings agencies namely Standard and Poor’s, Fitch Ratings and Moody’s. The advisors will support Myanmar’s efforts to enhance data collection and improve investor outreach. Myanmar’s timeline for achieving its credit ratings depends on the government’s goals and the speed at which the rating agencies can collect and analyze the quality and relevant data and information. Achieving a credible credit rating paves the way for Myanmar to increase openness and engagement with and strengthen its position in the international investment community. With a good credit rating, it will lower the country’s borrowing cost and enhance Myanmar’s capital raising strategies and dialogue with the international investment community.
Increased transparency will also draw investors’ confidence in the safety of their investments in Myanmar, and thus in turn, will attract a larger group of investors and pro- mote foreign direct investment and trade flows. This will ultimately strengthen Myanmar’s brand and contribute to the broader
economic development goals of the country. Darren Buckley, Citi Country Officer for Thailand, Myanmar, Cambodia and Laos, said, “Citi is honored to be appointed as ratings advisor to the Government of the Union of Myanmar. We have many experiences in helping governments establish a credit pro- file, access global capital markets and seek foreign investments. Over the past decade, Citi has served as ratings advisor to 10 governments in Asia, Europe, the Middle East
and Latin America, including five with similar credit profiles to that of Myanmar.” “Citi, moreover, had a branch presence in Myanmar from 1919 to 1942, and we very much look forward to re-engaging and supporting the further development of this exciting growth market,” he added. Lyn Kok, President and Chief Executive Officer, Thailand and Greater Mekong, Standard Chartered Bank, said, “A key feature of our role as a Sovereign Credit Ratings Advisor is to assist
the Government of the Union of Myanmar through capacity building and training. We are pleased to be given this opportunity and are committed to support the Government in their preparation to engage with the global capital markets and foreign investors.” Citi and Standard Chartered Bank have been chosen for this mandate because of their extensive experience in providing governments of other emerging markets with advisory services for their credit ratings.
