Moody's buying Peruvian credit rating agency Class

Moody's Corp. agreed to acquire Class & Asociados SA, a Lima, Peru-based credit rating agency serving the country's domestic bond market.

The acquisition is expected to extend Moody's presence across Latin America and expand its Moody's Local platform, according to a press release.

Moody's intends to integrate Class into Moody's Local Peru. Post integration, Class' ratings portfolio and its team of rating analysts will become part of Moody's Local Peru.

Until the deal is closed, Class will maintain separate operations, analytical staff and credit rating processes.

Moody's expects to fund the acquisition with cash on hand, and the deal is not expected to have a material impact on the company's 2022 financial results.

The acquisition has been approved by the Peruvian Superintendence of the Securities Market.