MicroRate Latin America S.A.

MicroRate was the first microfinance rating agency dedicated to evaluating performance and risk in microfinance institutions (MFIs), as well as evaluating microfinance funds, also known as microfinance investment vehicles (MIVs). As the oldest and most well-respected organization of its kind, MicroRate’s primary goal is to promote growth in the microfinance industry by facilitating the efficient flow of money from capital markets to MFIs through independent evaluation and increased transparency. Since its inception in 1997, MicroRate has conducted over 750 MFI ratings throughout Latin America, Africa, Europe, and Central Asia. The entities evaluated by MicroRate span the entire spectrum of the microfinance industry, ranging from large banks to small NGOs, including many of the world’s leading MFIs, as well as some of the largest and smallest microfinance funds. MicroRate was the first microfinance rating agency to be formally approved by CGAP and the Inter-American Development Bank. We are also the first rating agency to be recognized by a national regulatory authority (Banking Superintendent of Peru) and licensed to carry out credit ratings of regulated MFIs in Peru. MicroRate has worked with the Gates Foundation, Omidyar Foundation and Citi Microfinance. MicroRate remains independent from any connections that could jeopardize its objectivity. MicroRate is a private company, based in the Washington, D.C. metropolitan area (USA) with offices in Lima (Peru) and Casablanca (Morocco). MicroRate has highly qualified local and international leadership and analyst teams with extensive experience in microfinance as well as in the areas of banking, investing, auditing and rating. MicroRate is also the leader in the analysis of microfinance investment funds or MIVs. MicroRate performed the first public evaluation of a microfinance CDO in 2007 and serves as the exclusive analysis provider for MFX Solutions, a global foreign currency hedging facility for MIVs and MFIs.